Ex-Wells Fargo Banker Indicted In $11M Insider Trading Case

Law360, New York (December 13, 2012, 8:54 PM EST) -- Nine people were charged Wednesday for their involvement in an $11 million insider trading and money laundering scheme out of Charlotte, N.C., according to an indictment unsealed Thursday following the arrest of the lead defendant, former Wells Fargo Securities LLC investment banker John Femenia.

Federal prosecutors charged Femenia, 31, Shawn C. Hegedus, 32, and Danielle C. Laurenti, 31, with conspiracy to commit insider trading, conspiracy to commit wire fraud, securities fraud and money laundering. Femenia and Hegedus also were charged with bank fraud.

“Stealing material nonpublic...
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