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.