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A former Barclays director was sentenced to five months in jail for passing merger tips to a plumber friend and getting cash and free tiling in return as a judge rejected his request for probation.
Steven McClatchey pleaded guilty in July after prosecutors said he passed information that Gary Pusey used to make 10 illegal trades in companies including Questcor Pharmaceuticals, PetSmart, Emulex Corp and Omnicare.
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Pusey, who pleaded guilty and agreed to cooperate with prosecutors against his former friend, made about $US75,000 ($100,777) on the trades, prosecutors said.
McClatchey asked USÂ District Judge Katherine Polk Failla in Manhattan for probation. Prosecutors urged her to send him to prison for 10 to 16 months.
McClatchey and Pusey met at the Yachtsmen's Cove marina in Freeport, Long Island, where the two men docked their boats and became friends in 2011 or 2012, according to a letter filed with the court by McClatchey's lawyer.
By 2013, the two men spent most Saturdays together, either at the marina, on their boats or playing pool and watching sports in McClatchey's garage.
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Beginning in 2014, McClatchey began giving Pusey tips about pending mergers, which he picked up at Barclays.
Pusey rewarded McClatchey with cash, which he put in his friend's gym bag or passed in thank-you handshakes, and by providing free tiling work in McClatchey's home, prosecutors said.
Steven McClatchey, a former director at Barclays, began giving his plumber friend tips about pending mergers, which he picked up at the bank. Photo: Bloomberg
McClatchey worked in Barclays' investment-banking division and reported directly to the company's global head of mergers and acquisitions, according to the SEC, which filed a civil suit against him and Pusey. He was responsible for putting together a weekly presentation to keep executives abreast of potential mergers involving the bank's clients.
McClatchey pleaded guilty to conspiracy and securities fraud. Pusey pleaded guilty on May 27.
Bloomberg
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