Ex-Schroders trader pleads guilty to insider dealing

FCA logo glass 2 620x430Ex-Schroders trader Damian Clarke has pleaded guilty to nine counts of insider trading.

Clarke, who will be sentenced on 13 June, had already pleaded guilty to seven counts of insider dealing on July 2015. Appearing at Southwark Crown Court today, admitted guilt over the remaining two counts.

The charges, made between 2003 and 2012, relate to trading in companies including software maker Autonomy Corp., homebuilder Swan Hill Group Plc, and plumbing and heating provider BSS Group Plc, the FCA says.

The total profits made from Clarke’s insider dealing amount to at least £155,161.98.

FCA director of enforcement and market oversight Mark Steward says: “Insider dealing is a dishonest crime, not a means for city professionals to make money on the side.

“Clarke abused the trust that came with a city career by cheating the system and, in doing so, he let down the expectations of the whole community. The FCA remains dedicated to stamping out market abuse in all its forms.”

A Schroders spokesperson says:“Clarke is no longer employed by Schroders, and these proceedings relate entirely to his personal actions. Schroders has not been subject to any investigation, and has provided full co-operation to the FCA throughout this matter.  There is no indication of any detrimental impact on our clients or financial results.”