A former Barclays director was arrested the morning of May 31 in New York and accused of feeding insider-trading tips to his plumber in exchange for a free bathroom remodeling and cash, according to criminal and civil authorities.

Steven McClatchey, 58 years old, was a former employee at Barclays, the bank confirmed. Prosecutors said he worked for seven years at the Manhattan office of Barclays, where he was responsible for tracking the bank's involvement in potential mergers and acquisitions. He distributed a weekly document to select Barclays employees called "M&A Global Weekly Business Update," which included deals that were likely to become public the following week.