SEC charges 10 in insider-trading case

11 min.

Sarah N. Lynch

WASHINGTON --?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.

Source: http://www.nbcnews.com/business/sec-charges-10-insider-trading-case-1C7452322

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