WASHINGTON Dec 5 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
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.