Financier Traded Intel In Exchange For Plumbing

Share

A financier in Long Island just said goodbye to his bright future. There was a submitted federal criminal complaint claiming that the financier traded insider information so he could get his plumbing renovated for free.

According to a statement released by the office of Preet Bharara, a Manhattan United States Attorney, Steven McClatchey was charged with insider trading. The Ex-Barclays executive was said to be trading secrets with his fishing buddy, Gary Pusey, who is also a plumber. The secret intel was said to be about the mergers and acquisitions that are still pending in status.

In exchange for the insider intel that was given to him, Pusey performed renovations on the bathroom of the former director of Barclays Investment Bank. He also filled the gym bag owned by McClatchey with cash. All of the information was disclosed by officials from the Securities and Exchange Commission in a separate civil complaint that they have filed.

The scheme is said to have run for a year from 2014 until 2015. The entire time, Pusey was said to have pocketed around $76,000 during the duration of the scheme.

McClatchey is now charged with conspiracy to commit securities and wire fraud, wire fraud and 11 counts that concern securities fraud. All are charged at the Manhattan federal court. He was released because he recognizes his charges.

The lawyer of McClatchey is Steven Kartgener and he refused to give any comment.

Pusey who is 47 years old was also charged with conspiracy and fraud charges because he was involved in the said scheme. The lawyer representing Pusey is not reachable at the moment.

According to a statement released by Barclays, the company is wholly supporting the investigation that the feds are doing to confirm the charges on McClatchey and the bank has also affirmed that they will be giving their full cooperation by exerting the needed effort.

The statement also said that Barclays have a strict and extensive training when it comes to conduct and compliance which is secured with a consistent commitment to act with integrity as well as respect. The company also vowed to take the necessary action in cases where the employees does not follow the guidelines set by the company when it comes to conduct and control standards that comes with the culture. If you are looking for a reliable plumbing contractor, contact Pro-Jett.

spacer