Deals
Ex-Barclays Banker Leaked Tips for Job With Plumber; Gets Jail
- Steven McClatchey passed merger information to boating pal
- Plumber made $76,000 from trades, turned government witness
Steven McClatchey, a former director at Barclays Plc, walks outside federal court in New York, on May 31, 2016. Photographer: Louis Lanzano/Bloomberg
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A former Barclays Plc director said he had enough after 32 years on Wall Street and was hoping to land a less stressful job at a friend’s Long Island plumbing company. So he started passing tips about pending mergers to him.
Instead of landing a cushier job, Steven McClatchey will spend five months in prison, as a judge rejected his request for home detention. Prosecutors sought a prison term of 10 to 16 months.