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Ex-Barclays director pleads guilty in U.S. to passing tips to plumber
Source: Reuters
World | Tue Jul 12, 2016 11:57am EDT
Ex-Barclays director pleads guilty in U.S. to passing tips to plumber
NEW YORK | BY NATE RAYMOND
A former director at Barclays Plc pleaded guilty on Tuesday to U.S. charges that he engaged in insider trading by tipping off a plumber friend to impending mergers that he learned about at the bank.
Steven 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.
"I knew what I was doing was wrong," McClatchey said in court.
McClatchey, who worked at Barclays from 2008 to 2015, was arrested on May 31 amid a resurgence of insider trading cases in Manhattan, where prosecutors have wrestled with a 2014 appellate ruling that limited the scope of insider trading laws.
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Ex-Barclays director pleads guilty in U.S. to passing tips to plumber
NEW YORK | BY NATE RAYMOND
A former director at Barclays Plc pleaded guilty on Tuesday to U.S. charges that he engaged in insider trading by tipping off a plumber friend to impending mergers that he learned about at the bank.
Steven 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.
"I knew what I was doing was wrong," McClatchey said in court.
McClatchey, who worked at Barclays from 2008 to 2015, was arrested on May 31 amid a resurgence of insider trading cases in Manhattan, where prosecutors have wrestled with a 2014 appellate ruling that limited the scope of insider trading laws.
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Read more: http://www.reuters.com/article/us-usa-insidertrading-idUSKCN0ZS22F
