"Mr Dodgson and Mr Hind hatched an audacious plan to make significant illegal gains for themselves. "
Confiscation orders totalling £1.69m have been made against two convicted insider dealers in a decision at Southwark Crown Court.
Martin Dodgson - who held senior positions at Morgan Stanley, Lehman Brothers and Deutsche Bank - has been ordered to repay £1,074,236 and Andrew Hind has received a confiscation order of £624,521.
The money must be paid within three months or Dodgson will face a further seven and a half years in prison and Hind will face a further five and a half years.
The defendants were convicted on 9 May 2016 following a three-month trial. Dodgson was sentenced to four and a half years’ imprisonment and Mr Hind to three and a half years.
An investigation found that between November 2006 and March 2010, Dodgson used his position to source inside information, which he passed on to Hind, who in turn caused trades to be placed for the benefit of both defendants.
The FCA says the defendants employed "elaborate strategies" designed to prevent the authorities from uncovering their activities, however their meticulous record keeping ultimately proved to be their downfall in the confiscation proceedings. The records detailed trading in a variety of stocks and the amounts that each was to benefit as a result.
Mark Steward, the FCA’s executive director of enforcement and market oversight, said: “Mr Dodgson and Mr Hind hatched an audacious plan to make significant illegal gains for themselves. They were driven by greed and self-interest, but through their actions they have lost their liberty, their livelihoods and their reputations.
"Insider dealing is a serious crime that undermines our markets. The FCA will continue to ensure that those engaged in such activity are held to account for their misconduct.”