A former stock trader at Schroders Investment Management, must pay £350,000 within three months or risk facing three more years in jail for insider dealing, according to the UK financial watchdog.
The Financial Conduct Authority said on Tuesday (25 July), that Damian Clarke, who was sent to prison for two years in June 2016 after he plead guilty to 9 counts of insider dealing, risked further jail time if he fails to meet a confiscation order slapped against him by Southwark Crown Court.
Mark Steward, FCA's executive director of enforcement said: "Damian Clarke engaged in a systematic and long-running criminal enterprise in order to make significant illegal gains for himself and his family.
"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."
The FCA said the total exceeds profits generated from the 9 counts of insider dealing spanning nine years, and involved trading on confidential information on mergers and acquisitions before they were made public.
"As a result of the extent of his offending, he is deemed to have a criminal lifestyle, which enables the court to assume that the profits made from other non-indicted trading within a defined period also represent the proceeds of crime," Steward added.
The FCA said Clarke benefited to the tune of £719,658 from his criminal conduct but Southwark Crown Court said the value of his interest in various assets amounted to £350,000.
Via his legal representatives CCW Solicitors, Clarke - who is no longer in prison - said he would ensure the payment demand is met, adding that no other family member had been involved in his activities.