AP News

Ex-Wells Fargo banker charged with insider trading


CHARLOTTE, N.C. (AP) — Federal prosecutors say a former Wells Fargo Securities investment banker, his stockbroker friend, and a network of friends and family cashed in on insider information to make $11 million.

The criminal indictment in Charlotte unsealed Thursday accuses 31-year-old former banker John Femeni, 32-year-old Shawn Hegedus and his 31-year-old girlfriend.

The three New Yorkers are charged with conspiracy to commit insider trading, securities fraud, and money laundering. Prosecutors say six others in North Carolina, South Carolina, Florida, California and New York have pleaded guilty.

Securities regulators last week accused Femenia of exploiting his position in Wells Fargo's Charlotte and New York offices to use information about four pending mergers involving firm clients before the deals were announced.

Femeni did not return a message Thursday. Hegedus has no listed phone number.


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