A former Barclays PLC director has been arrested on charges he illegally fed stock tips to a New York plumber in exchange for cash and home renovations.

Steven McClatchey was freed on bail after an initial appearance in Manhattan federal court. His lawyer declined to comment.

Prosecutors say McClatchey used inside information about mergers and acquisitions to tip his friend, Gary Pusey. The government says Pusey made about $76,000. Pusey pleaded guilty Friday to conspiracy, securities fraud and wire fraud.

Prosecutors say McClatchey and Pusey were close friends who owned boats docked in a Long Island marina. They say the men spent most Saturdays on their boats, at the marina, or playing pool and watching sports.

The 58-year-old McClatchey lives in Manhattan while the 47-year-old Pusey lives on Long Island.