SEC charges Wells Fargo banker, 9 others in insider-trading case
WASHINGTON Dec 5 (Reuters) - U.S. securities regulators on Wednesday charged a Wells Fargo investment banker and nine others for their alleged role in an insider-trading ring that earned more than $11 million by trading on tips about impending mergers.
The Securities and Exchange Commission said that John Femenia, 30, misused his position at a unit of Wells Fargo to obtain material, non-public information about four different mergers involving firm clients.
The SEC said Femenia then tipped his friend, Shawn Hegedus, a registered broker-dealer. The SEC says the two then tipped other friends, resulting in an insider-trading ring that spread across five states.
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Investigators focus on foul play behind missing plane: sources |
- Kremlin website hit by 'powerful' cyber attack
- CEOs of biggest Russian firms could be hit by sanctions: paper |
- Search for Malaysian plane may extend to Indian Ocean - U.S |