Former Schroders Investment Management's equity trader Damian Clarke has been ordered to pay a confiscation order of £350,000 as a result of nine counts of insider dealing, for which he was jailed last June.
Clarke, who is currently midway through a two-year sentence for his crimes, could face an additional three years behind bars if he fails to pay the amount within three months, a judge at Southwark Crown Court ruled on Monday. According to the FCA, Clarke received inside information about significant corporate events, including anticipated public announcements of mergers and acquisitions. Ex-Schroders trader jailed for two years for insider dealing Clarke, who was initially employed by Schroders as an assistant fund manager, allegedly used this information to place trades using acco...
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