Finance watchdog hits ex-trader with charges for insider dealing

A FORMER Schroders trader was charged with nine counts of insider dealing yesterday, covering a period of nearly a decade.

The Financial Conduct Authority (FCA) announced the charges against Damian Frank Clarke yesterday, which it said were related to trading in equities and spread betting. The watchdog says that the incidents took place over a nine year period, between 2003 and 2012.

Clarke has been bailed until his case gets underway at the beginning of next month.

The ex-equities trader was originally arrested with another man and three women at the beginning of last year, at which time the now-defunct Financial Services Authority (FSA) was still in charge of enforcement.

The FCA says that they have secured 24 convictions for insider dealing so far, including those made by their predecessor, the FSA, and that there are eight prosecutions in the pipeline.

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