Clarke, who was employed by Schroders IM between August 2000 and January 2013, pleaded guilty to nine counts of insider dealing at Southwark Crown Court.
Initially employed as an assistant fund manager, Clarke became an equities trader in 2006. In these roles he received inside information about significant corporate events, in particular public M&A announcements, and used it to place trades using accounts in his own name and close family members who had provided their account numbers and passwords.
All offences took place in the nine years between October 2003 and November 2012, and total profits from the illegal dealing add up to at least £155,161.98 ($220,380, €195,623).
“It was no exaggeration when prosecution counsel said in opening that these offences were pre-meditated, deliberate, and dishonest,” said Judge Korner QC.
Confiscation proceedings will be pursued against Clarke. “This is yet another case involving a city professional caught and jailed for abusing the market that employs him,” said Mark Steward, FCA director of enforcement and market oversight. “Insider dealing is increasingly detectable these days and, where detected, more likely to lead to terms of imprisonment and shame rather than glamorous profits and fame,” he added.
The nine counts relate to when Clarke traded Swan Hill Group, Marlborough Stirling, Eidos, Neutec Pharma, Retail Decisions, Raven Mount Group, BSS Group, Autonomy Corp and Invensys.
The FCA said it has secured 29 other convictions in relation to insider dealing.
