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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.
Femenia did not return a call seeking comment. He was based in Wells Fargo's Charlotte office in 2010 and 2011 when the SEC said he passed along insider information on three mergers before moving to New York.
The SEC says people who acted on the insider information lived in North Carolina, South Carolina, Florida, California and New York.