Barclays Director Accused of Trading Tips for New Bathroom

A former Barclays Plc director was accused by the U.S. of giving tips about future mergers and acquisitions to a plumber friend in exchange for cash and a new bathroom, an arrangement that went down the drain when the plumber snitched to the government. Steven McClatchey, 58, passed the information to the plumber who used the tips to make 11 illegal trades from March 2014 to August 2015, according to a criminal complaint that was unsealed Tuesday in Manhattan federal court. McClatchey, who was arrested this morning by FBI agents, faces conspiracy, wire fraud and securities fraud charges. The Securities and Exchange Commission identified the plumber as Gary Pusey, 47, in a related civil suit filed Tuesday against both men.

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