Damian Clarke, a former assistant fund manager and equities trader at Schroders Investment Management, was jailed for two years in June 2016 after admitting to a string of insider dealing between 2003 and 2012.
The regulator secured a confiscation order against Clarke to the tune of £350,000 on Monday after a judge at Southwark Crown Court ruled he had made £719,658.69 dealing stocks on the back of inside information.
Clarke used information he gained in his role at Schroders about upcoming public announcements of mergers and acquisitions to place trades using accounts in his name and of close family members.
He admitted to nine counts of insider dealing with regards to the Swan Hill Group, Marlborough Stirling, Eidos, Neutec Pharma, Retail Decisions, Raven Mount Group, BSS Group, Autonomy Corp and Invensys.
The 41-year-old is half way through his jail sentence but could spend a further three years behind bars if the £350,000 is not paid in full within three months.
Mark Steward, the FCA’s executive director of enforcement and market oversight, said: “Mr Clarke engaged in a systematic and long-running criminal enterprise in order to make significant illegal gains for himself and his family.
“As a result, he has lost his liberty, his livelihood and his reputation and must now pay a substantial confiscation order. The message should now be clear that insider dealers are increasingly likely to be caught and will be made to fully account for their misconduct.”
At his sentencing in June 2016, Southwark Crown Court’s judge Korner said “it was no exaggeration when prosecution counsel said in opening that these offences were pre-meditated, deliberate, and dishonest”.
