Steven McClatchey entered the plea today in Manhattan federal court. He agreed not to challenge any sentence of five years in prison or less. Sentencing for the Manhattan resident was set for Oct. 26.
Prosecutors say he used inside information about mergers and acquisitions to tip his friend, Gary Pusey. The government says Pusey made about USD 76,000. Pusey pleaded guilty to the charges and is awaiting sentencing.
Prosecutors didn't specify how much McClatchey received in kickbacks.