Wells Fargo Banker Sued by SEC in Probe of Insider Trading
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A Wells Fargo & Co. investment banker was at the center of a 10-person insider-trading ring that took in $11 million in profits from tips on pending mergers, U.S. regulators said.
John W. Femenia from March 2010 to July 2012 passed his friends confidential information about four deals involving Wells Fargo clients, the Securities and Exchange Commission said today in a complaint filed at U.S. District Court in North Carolina. The SEC sued nine others for taking part in the ring.