SEC Sues Wells Fargo Banker In $11M Insider Trading Case

Law360, New York (December 5, 2012, 6:10 PM EST) -- The U.S. Securities and Exchange Commission on Wednesday sued a Wells Fargo Securities LLC investment banker and nine others in North Carolina federal court over an alleged $11 million insider trading ring involving tips about impending mergers.

John W. Femenia used his role at the bank to obtain confidential information about at least four large mergers between 2010 and 2012 involving Wells Fargo clients, according to an SEC complaint. Femenia passed the information to three of his friends, who then passed it to their own friends...
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