Federal securities regulators have charged a Wells Fargo (WFC) investment banker with fostering an insider-trading scheme that netted at least $11 million.
John Femenia, a banker in Wells Fargo's industrials investment banking group, misused his position to supply material, nonpublic information about mergers and acquisitions involving clients to friends who traded on the information over a roughly two-and-a-half-year period beginning in March 2010, the Securities Exchange Commission alleged Wednesday in a civil complaint filed in U.S. District Court in Charlotte, N.C.
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