Ex-Barclays Director "Knew It Was Wrong" To Pass Inside Info In Exchange For Free Plumbing Work, Did It Anyway

Hey, those toilet snakings don't come cheap!
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By Footprint Sheffield Ltd [Attribution], via Wikimedia Commons

via Wikimedia Commons

Remember Steven McClatchey? Ex-Barclays investment banking director who struck up a friendship with a plumber a few years back, with whom he began to spend most Saturdays bonding, either at a Long Island marina in the summer or McClatchey's place watching sports in the cooler months? Who was alleged to have taken his relationship with said plumber to the next level by passing the guy material non-public information about 11 upcoming mergers? In exchange for, among other things, free plumbing work? He pleaded guilty to all that today.

McClatchey, 58, pleaded guilty in Manhattan federal court to conspiracy and securities fraud charges, admitting that he provided stock tips to the plumber, Gary Pusey, who prosecutors say made $76,000 through his insider trading...Prosecutors said that McClatchey, of Freeport, New York, was responsible for tracking all potential deals involving the British bank. He began tipping Pusey, a friend he met through boating, as early as 2013, enabling the plumber to execute trades ahead of merger announcements involving 11 companies, including Forest Oil Corp and PetSmart Inc, prosecutors said. In exchange, prosecutors said, Pusey paid thousands of dollars in cash to McClatchey, sometimes placing cash in a gym bag that McClatchey brought with him to a marina in Freeport, New York, and provided free bathroom renovation services.

Ex-Barclays director pleads guilty in U.S. to passing tips to plumber [Reuters]

Earlier: Barclays Director Accused Of Doling Out Insider Tips So He Could Get His Toilet Snaked Gratis

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