On June 13, 2016, Mr. Damian Clarke, a former equities trader at Schroders Investment Management, was sentenced to two years imprisonment having pleaded guilty to nine counts of insider dealing. Over a nine-year period between October 2003 and November 2012, Mr. Clarke received inside information about price sensitive events, mainly to anticipate public announcements of mergers and acquisitions, which he used to place trades using accounts in his own name and those of close family members. In total, Mr. Clarke's profits amounted to at least £155,161.98. The FCA confirmed that confiscation proceedings will also be pursued against Mr. Clarke.
The FCA press release is available at: http://www.fca.org.uk/news/former-equities-trader-sentenced-for-insider-dealing.
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