Ex-Barclays director gets 5 months in prison for plumber tip

AP News
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Posted: Jan 11, 2017 7:10 PM

NEW YORK (AP) — A former Barclays director says he gave inside information on stocks to a New York plumber so he could join his business and leave Wall Street stress behind.

Steven McClatchey made the claim before he was sentenced Wednesday to five months in prison.

McClatchey had pleaded guilty in July in Manhattan federal court. The judge said some prison time was necessary to deter others.

The 58-year-old Manhattan resident said he thought he could ingratiate himself to his friend plumber Gary Pusey. Prosecutors say Pusey made about $76,000.

Pusey has pleaded guilty to criminal charges and awaits sentencing.

Prosecutors say the men were close friends who spent most Saturdays on their boats, in a Long Island marina or playing pool and watching sports.