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UK watchdog says former Schroders trader admits 9 insider dealing offences

Reuters - UK Focus

LONDON, March 15 (Reuters) - Damian Clarke, a former stock market trader at Schroders Investment Management, has pleaded guilty to nine counts of insider trading, Britain's Financial Conduct Authority said on Tuesday.

Clarke (Toronto: CKI.TO - news) admitted to dealing in shares on the basis of inside information on company mergers and acquisitions obtained while he worked at Schroders (LSE: SDR.L - news) .

"He used this information to place trades using accounts in his own name and that of close family members, in respect of which he had been provided with the account numbers and passwords," the FCA said in a statement.

The total profits made from Clarke's insider dealing amount to at least 155,161 pounds ($219,676), the FCA said.

Clarke will be sentenced on June 13. ($1 = 0.7063 pounds) (Reporting by Huw Jones, editing by Carolyn Cohen)