Five arrested by FSA over insider deals
Jan 23, 2013 (Daily Mail - McClatchy-Tribune Information Services via COMTEX) --
FIVE people have been arrested as the Financial Services Authority launched its latest assault on insider dealing.
Asset manager Schroders confirmed one of its employees, named by City sources as Damian Clarke, was arrested.
But the City fund manager insisted that while it has suspended Clarke, the probe does not relate to allegations connected to his job or the company.
"The allegations relate entirely to this individual's personal actions," Schroders said, adding that he is not a fund manager or analyst.
"Schroders is not subject to any investigation. There is no indication of any detrimental impact on our clients or financial results."
The arrests came after the police helped the FSA raid four addresses in the City of London, Lincolnshire, Leicestershire and North Yorkshire.
Two men aged 37 and 62 were arrested, as well as three women aged 39, 51 and 63, although none have been charged. It said the arrests were not linked to its other insider dealing probes. The FSA has secured 21 convictions for insider dealing.
Last week, former Legal & General share trader Paul Milsom said he would plead guilty to passing inside information to a stockbroker.
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