June 25, 2014 / 12:46 PM / 3 years ago

UPDATE 2-UK regulator charges ex Schroders trader with insider dealing

(Adds case dropped against other individuals, “no comment” from Clarke’s lawyer, background)

LONDON, June 25 (Reuters) - A former equities trader at Schroders, one of Britain’s largest asset managers, has been charged with nine counts of insider dealing over a nine-year period, the financial regulator said on Wednesday.

The Financial Conduct Authority (FCA) said 38-year-old Damian Frank Clarke committed the alleged offences, which relate to share trading and spread bets, between 2003 and 2012.

Clarke was arrested alongside four other men and women in January 2013 after police and prosecutors searched properties in London and other parts of England. The regulator has since dropped its case against the other four individuals.

Clarke will appear before Westminster Magistrates Court on July 4. His lawyer at UK law firm CCW Solicitors declined to comment.

Schroders, a 200-year-old London institution, said Clarke left in 2013, that it had not been subject to any investigation and that there had been no indication of any detrimental impact on clients or financial results.

“Schroders does not tolerate any behaviour that is counter to our core value of integrity,” it said in a statement.

The regulator, which has been stepping up the fight against market abuse, has secured 24 convictions for insider dealing since 2009 and is prosecuting seven others for the offence.

Insider dealing is punishable by a maximum jail sentence of seven years or an unlimited fine in Britain.

Reporting by Kirstin Ridley and Chris Vellacott, editing by Jane Merriman and Louise Heavens

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