Ex-Barclays director faces jail after tipping plumber

Dripping Tap

Don't tip plumbers!

A former Barclays director admitted he tipped a plumber friend about expected merger deals in exchange for cash. The government claimed he also had his bathroom renovated for free.

Bloomberg News reports that Steven McClatchey, 58, pleaded guilty Tuesday after prosecutors said he passed information that Gary Pusey used to make 11 illegal trades in companies including Questcor Pharmaceuticals, PetSmart, Emulex and Omnicare. Pusey, who has pleaded guilty, made $76,000 on the trades, prosecutors said.

McClatchey on Tuesday admitted passing the tips and agreed he got cash from his friend -- but he drew the line at the bathroom renovations.

"That’s a little in question," McClatchey said when asked by U.S. District Judge Katherine Polk Failla in Manhattan whether he received any professional services in return for the tips.

To access the complete Bloomberg News article hit the link below:

Ex-Barclays Director Faces Prison for Tipping Plumber Friend

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