securities and exchange commission

Local News
4:49 pm
Thu December 6, 2012

Wells Fargo Banker Charged With Insider Trading

The SEC has charged a Wells Fargo investment banker with insider trading.
Credit David Paul Ohmer/flickr

The Securities and Exchange Commission has charged an investment banker at Wells Fargo with leading an $11 million insider trading ring while he worked in Charlotte.

John Femenia had access to a lot of confidential information through his job at Wells Fargo. He’s an investment banker (or at least was), and he got the scoop on several mergers because his bank helped with the financing.

That information is as good as money. Mergers often drive a company’s stock price up, so if you buy it before that happens – you're setting up for a nice profit.

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