"Mr Clarke engaged in a systematic and long-running criminal enterprise in order to make significant illegal gains for himself and his family."
The order must be paid to the FCA within three months or Clarke will face a further three years in prison.
Clarke was sentenced to two years imprisonment on 13 June 2016 after pleading guilty to nine counts of insider dealing.
Between August 2000 and January 2013, he was employed initially as an assistant fund manager and, from 2006, as an equities trader.
In these roles, Clarke received inside information about anticipated mergers and acquisitions, which he used to place trades using accounts in his own name and those of close family members.
Although the total amount to be confiscated exceeds the profits generated, the FCA said that due to the extent of his offending, Clarke is deemed to have a criminal lifestyle, enabling the Court to assume that profits made from other non-indicted trading also represent the proceeds of crime.
Clarke is thought to have made £719,658.69 from his criminal conduct. It was agreed that the value of Mr Clarke’s interest in various assets amounted to £350,000 and therefore, a confiscation order was made in that sum.
Mark Steward, the FCA’s Executive Director of Enforcement and Market Oversight, said: “Mr Clarke engaged in a systematic and long-running criminal enterprise in order to make significant illegal gains for himself and his family.
"As a result, he has lost his liberty, his livelihood and his reputation and must now pay a substantial confiscation order. 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."
