Five arrested in FSA insider-trading swoop
Tuesday 22 January 2013
Police have arrested a Schroders trader and four other individuals in the latest insider-dealing investigation to rock the Square Mile.
The Financial Services Authority (FSA) flexed its muscles once again as four properties were searched in the City of London, Lincolnshire, Leicestershire and North Yorkshire.
"Five individuals, including two men aged 37 and 62, and three women aged 39, 51 and 63, have been arrested and are currently in custody to be questioned in connection with an investigation into insider dealing and market abuse," an FSA statement said.
"No further details can be confirmed at this time and no individuals have been charged," it added.
Damian Frank Clarke, an equities trader at Schroders, is understood to be one of those arrested.
According to the FSA register, Mr Clarke joined Schroders from Beaumont Capital in 2003 and has no prior disciplinary history.
Schroders confirmed that one of its employees had been arrested and had been immediately suspended. However, it declined to identify him.
"The FSA has informed us that the allegations relate entirely to this individual's personal actions. Schroders is not subject to any investigation. There is no indication of any detrimental impact on our clients or financial results."
Insider dealing is a criminal offence that is punishable by a fine or up to seven years' imprisonment.
Experts have warned that financial crime is likely to continue rising as the impact of the economic downturn bites.
The FSA said the latest arrests were not linked to any other ongoing insider dealing investigation.
The City regulator is currently prosecuting six other individuals charged with insider dealing.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Germanwings plane crash: Video shows co-pilot Andreas Lubitz learning to fly as a teenager
- 3 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 5 WrestleMania 31 results: Seth Rollins stuns WWE as he cashes in Money in the Bank contract to claim title from Brock Lesnar
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Children take eight Isis captives to be beheaded in latest propaganda video
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
£18000 - £20000 per annum: Recruitment Genius: A Client Services Assistant is ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£32000 - £38000 per annum + benefits: Ashdown Group: A highly successful, inte...
£20000 - £35000 per annum: Recruitment Genius: This multi-award winning foreig...