Ex-Schroders trader facing Financial Conduct Authority action

    

THE Financial Conduct Authority claims an ex-Schroders trader should be prosecuted for insider dealing offences.

Damian Frank Clarke, a 38-year-old former trader at Schroders Investment Management Ltd, must answer nine criminal charges related to shares and spread bets across a nine year period (2003-2012), when he reappears before City of Westminster Magistrates' Court on 4 July 2014.

The accused is currently on bail following a preliminary enquiry before the same court, the FCA reported Wednesday 25 June.

The FCA, and its predecessor - Financial Services Authority - has secured 24 convictions for insider dealing since the introduction of a tougher regulatory compliance audit and monitoring regime post financial crisis 2009.

Seven additional insider dealing cases are pending with criminal courts' dates as yet not confirmed by the FCA Press Office.

Improved compliance auditing has helped investment bankers to spot suspicious price-affected securities in relation to a misuse of non-public information under s52 Criminal Justice Act 1993, i.e. insider dealing.

Source: Financial Conduct Authority

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