Ex-Schroders Trader Clarke Charged for Insider Trading
(Corrects to remove erroneous reference to release in final paragraph.)
Damian Clarke, a former equities trader at Schroders Plc (SDR) in London, was charged with insider trading in shares and spread bets over a nine-year period.
Clarke, 38, faces nine counts over trades made between Oct. 30, 2003, and Nov. 28, 2012, the Financial Conduct Authority said in a statement today. Clarke, who was arrested in January 2013 along with four other people, is scheduled to appear at a London criminal court on July 4.
The charges are “related entirely to this individual’s personal actions” and he was dismissed in February 2013 for gross misconduct, Schroders said in a statement. A lawyer for Clarke couldn’t be immediately reached.
“Schroders has not been subject to any investigation,” according to the statement. “There is no indication of any detrimental impact on our clients or financial results.”
The regulator has had mixed results in its insider-trading cases in the past year. The FCA dropped its case against Clive Roberts, the former head of European sales trading at Exane BNP Paribas, in May, four years after he was arrested, a person with knowledge of the case said.
Nine other men have been charged in Operation Tabernula, the insider-trading probe that Roberts was a suspect in, including former Deutsche Bank AG managing director Martyn Dodgson.
The FCA last year dropped a separate insider trading probe 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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