RALEIGH, N.C. (AP) — Federal regulators say an investment banker at Wells Fargo Securities and his longtime friend passed on insider tips on pending company mergers to friends or family members in five states, racking up more than $11 million in illicit profits.
The Securities and Exchange Commission on Wednesday said John W. Femenia misused his position to trade in information about four pending mergers involving firm clients before the deals were announced.
Real journalism.Trusted by millions.
Unlimited access to in-depth reporting, expert analysis, and the stories that shape our country.
Subscribe Now
Already a member? Log in
Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.
