This week, a former Barclays PLC director was arrested after being accused of insider trading. According to criminal and civil authorities, Steven McClathey fed information to his plumber in exchange for free bathroom remodeling and cash. McClathey worked at Barclays for seven years in Manhattan and was responsible for tracking the bank’s involvement in potential mergers and acquisitions.
The plumber had about $76,000 in ill-gotten gains from the information given to him by McClathey. If the tips were successful, McClathey would receive payment in either home improvement projects or a gym bag full of cash.
The plumber in question has been cooperating with authorities and has pleaded guilty for his participation in the scheme.
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