A former fund manager convicted of insider dealing has been slapped with a £350,000 confiscation order.
A Southwark Crown Court judge today handed down the order to Damian Clarke, who was sentenced to a total of two years’ imprisonment on 13 June 2016,
The former Schroders assistant fund manager and equities trader has three months in which to pay over the money.
The £350,000 won by the Financial Conduct Authority (FCA) exceeds the profits generated from his nine convicted counts of insider dealing.
The court is able to confiscate the excess because Clarke was deemed to have “a criminal lifestyle”. This allows the court to assume that the profits made from other non-indicted trading within a defined period also represent the proceeds of crime.
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.