New York: 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.
Prosecutors say he used inside information about mergers and acquisitions to tip his friend, Gary Pusey.
The government says Pusey made about $ 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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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