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No prison for plumber who assisted insider trading probe

NEW YORK (AP) — A Long Island plumber learned Thursday that he won’t have to serve prison time after admitting his role in an insider trading scheme that involved a former Barclays director.

Gary Pusey of Mineola, New York, was sentenced in Manhattan federal court to probation by U.S. District Judge Katherine Polk Failla. He was credited for his cooperation.

“This does seem to have been a blip on the radar of his life,” she said.

Prosecutors said Pusey and ex-Barclays director Steven McClatchey were close friends when McClatchey fed him inside information from 2014 through September 2015, enabling Pusey to make $76,000 illegally. McClatchey, formerly a director in mergers and acquisitions at Barclays, was sentenced in January to five months in prison.

Before he was sentenced, Pusey said: “I’d like to just truly say I’m sorry for my actions.”

Assistant U.S. Attorney Rebecca Mermelstein said Pusey had already paid back his illegal gains.

“This is a limited, one-time criminal mistake for him,” she said.

Prosecutors said Pusey gave McClatchey a total of several thousand dollars of his illegal profits in cash payments after each of several profitable trades. They said Pusey also provided McClatchey with free assistance in renovations at his home.

The government said the men were close friends who spent most Saturdays on their boats in a Long Island marina or playing pool and watching sports.

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