Long Island plumber Gary Pusey avoided jail time and received probation for his role in an insider trading scheme with fishing buddy Steven McClatchey, a former investment banker from Freeport.
McClatchy, 58, who had worked at Barclays Plc, was sentenced in January to five months in prison for passing at least 10 tips over 19 months to Pusey. Pusey, who cooperated with the government’s investigation, allegedly made $75,000.
“I’d like to just truly say I’m sorry for my actions,” Pusey told U.S. District Judge Katherine Failla.
“This does seem to have been a blip on the radar of his life,” said the judge, who imposed a $5,000 fine. Pusey has already forfeited $76,000.
The men became friends at the Yachtsmen’s Cove marina in Freeport, where they both moored their boats, the government said, and hung out together socially.
McClatchey said at his sentencing he wanted a more relaxed lifestyle and hoped Pusey would hire him as an administrator for his plumbing business.