SEC: Inside merger info passed from NC netted $11M
RALEIGH, N.C. – An investment banker at Wells Fargo Securities and his longtime friend passed along insider tips on pending company mergers to friends or family members in five states that generated more than $11 million in illicit trading profits, federal regulators said Wednesday. The Securities and Exchange Commission said John W. Femenia misused his position to trade in information about four pending mergers involving the firm's clients before the deals were announced. Femenia did not return a call seeking comment Wednesday. 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 commission said Femenia passed inside information about an impending deal to Shawn C. Hegedus, who worked as a registered broker.
Keywords:
Wells Fargo illicit trading family members New York Femenia information SEC North Carolina Wednesday Shaw Group Shawn C. Hegedus illicit trading profits Wells Fargo Securities John W. Femenia La.-based Shaw Group friends mergers company mergers insider tips investment banker longtime friend David Hoyle insider information federal regulators Exchange Commission impending deal civil complaint nonpublic information Charlotte office merger opportunity William Hicks South Carolina Big deals phone tree Atlanta office tax official associate director federal court phone number Chicago Bridge Baton Rouge somebody N.C. states firm clients folks RALEIGH Florida CaliforniaPeople:
John W. Femenia
Overall Sentiment: -0.1954
Relevance: 0.737615
Shawn C. Hegedus
Overall Sentiment: -0.815871
Relevance: 0.477283
David Hoyle
Overall Sentiment: 0.0610682
Relevance: 0.377645
| Sentiment | Quote |
|---|---|
| 0.0125934 | "Anytime there's some kind of merger opportunity, there's always folks that have the opportunity because they know more than somebody else," Hoyle said. ... |
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William Hicks
Overall Sentiment: -0.0207966
Relevance: 0.272295
| Sentiment | Quote |
|---|---|
| 0.0862512 | "basically started a phone tree of nonpublic information to enrich friends and others," said William Hicks, ... |
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Additional Info:
StateOrCounty: North Carolina
Overall Sentiment: 0.251527
Relevance: 0.472443
Disambiguation: Location | PoliticalDistrict | AdministrativeDivision | GovernmentalJurisdiction | USStateReferences:
City: Charlotte
Overall Sentiment: -0.0396452
Relevance: 0.350655
Disambiguation: AdministrativeDivisionReferences:
City: New York
Overall Sentiment: 0.0338338
Relevance: 0.321573
Disambiguation: GeographicFeature | AdministrativeDivision | GovernmentalJurisdiction | Island | PlaceWithNeighborhoods | USCountyReferences:
City: RALEIGH
Overall Sentiment: 0
Relevance: 0.309016
Disambiguation: PlaceWithNeighborhoodsReferences:
Organization: Securities and Exchange Commission
Overall Sentiment: -0.246785
Relevance: 0.795355
Disambiguation: GovernmentAgency | GovernmentalBodyReferences:
Company: Wells Fargo Securities
Overall Sentiment: 0.0873508
Relevance: 0.419311
Company: Wells Fargo
Overall Sentiment: 0
Relevance: 0.346963
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An investment banker at Wells Fargo Securities and his longtime friend passed along insider tips on pending company mergers to friends or family members in five states that generated more than $11 million in illicit trading profits, federal regulators said Wednesday.
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SEC: Inside merger info passed from NC netted $11M
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- Atlanta
- baton rouge
- baton rouge la
- California
- Charlotte
- fargo
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- Securities and Exchange Commission
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