An ex-Schroders equity trader who was convicted on nine counts of insider dealing last year has been given a lifetime ban by the FCA.
Damian Clarke was sentenced to two years in prison last June after pleading guilty to the offences.
Clarke profited to the tune of £155,000 from insider trading deals over a nine-year period from October 2003 to November 2012.
He used accounts opened in the names of family members, one of a number of “aggravating factors” noted by the judge in his case. Others included his “deliberate and dishonest” misuse of his position of trust, the many years the offences spanned, and the damage caused to Schroders’ reputation.
The offending trades ranged from software company Invensys and homebuilder Swan Hill Group to pharmaceutical company NeuTec Pharma.
Clarke’s was the 30th conviction for insider dealing secured by the FCA.
The FCA’s notice this morning reads: “Mr Clarke is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person…as his conduct demonstrates a clear and serious lack of honesty, integrity and reputation.”
Clarke served a short stint at Beaumont Capital LLP in early 2003 before moving to Schroders as an assistant fund manager.
He has not referred the FCA’s ban to a tribunal to appeal.