Ex-Barclays director admits tipping off plumber for cash

A former Barclays PLC director has pleaded guilty to insider trading charges, admitting he gave stock tips to a New York plumber in exchange for cash.

Written by: Press Trust of India

Published: July 13, 2016, 2:37 AM IST

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https://www.india.com/business/ex-barclays-director-admits-tipping-off-plumber-for-cash-1327644/ Copy

New York, July 12: A former Barclays PLC director has pleaded guilty to insider trading charges, admitting he gave stock tips to a New York plumber in exchange for cash.

Steven McClatchey entered the plea today in Manhattan federal court. He agreed not to challenge any sentence of five years in prison or less. Sentencing for the Manhattan resident was set for Oct. 26. (Also Read: JPMorgan Chase CEO says bank it will raise minimum pay)

Prosecutors say he used inside information about mergers and acquisitions to tip his friend, Gary Pusey. The government says Pusey made about USD 76,000. Pusey pleaded guilty to the charges and is awaiting sentencing.

Prosecutors didn’t specify how much McClatchey received in kickbacks. They say the men were close friends who spent most Saturdays on their boats, in a Long Island marina or playing pool and watching sports.