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Former Exane Europe Sales-Trading Head Cleared by FCA

Clive Roberts, the former head of European sales trading at Exane BNP Paribas, was cleared by the U.K. markets regulator and dropped from its insider-trading investigation four years after he was arrested, a person with knowledge of the matter said.

Roberts, 51, received a letter from the Financial Conduct Authority yesterday notifying him the case was being dismissed, according to the person, who asked not to be identified because the correspondence is private. He was arrested in 2010 and has been interviewed by the FCA twice since then, the person said.

Roberts was arrested as part of the FCA’s largest insider-trading probe, known as Operation Tabernula. Nine men have been charged in the investigation, including former Deutsche Bank AG managing director Martyn Dodgson and former Legal & General Group Plc equities trader, Paul Milsom. Milsom was the first to be jailed in the case, receiving a two-year sentence in 2013 after pleading guilty.

Roberts declined to comment and his lawyer, Jeremy Summers, didn’t immediately respond to a call seeking comment. Lara Joseph, a spokeswoman with the FCA, declined to comment on the decision.

Graeme Shelley, a former trader at London-based stockbroker Novum Securities Ltd., avoided jail after pleading guilty to insider trading in March. He received a two-year suspended sentence after he admitted to illegally trading on 14 different stocks.

The investigation into Roberts is the second insider-trading case the FCA has dropped in recent months. The regulator last year ended an investigation into hedge fund traders Tim Whyte and Carl Linderum of the now-defunct Lodestone Natural Resources and former GLG Partners Inc. money manager Carl Esprey without bringing any charges.

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