Posted in Financial, Legal News

Ex-Wells Fargo banker, 3 others sentenced in insider trading case

Justice League

A federal judge on Friday sentenced a former Charlotte-based Wells Fargo banker and three others for their role in an insider trading ring that netted the participants at least $11 million.

In the last of the four hearings, U.S. District Judge Robert Conrad sentenced John Femenia, who worked for Wells in Charlotte and New York, to five years in prison for his role in tipping off other defendants about impending deals.

Earlier, Conrad handed the longest sentence – 10 years in prison – to Shawn Hegedus, a high school friend of Femenia who acted on his tips and who fled to Cuba after the FBI first approached Femenia. Danielle Laurenti, Hegedus’ wife, was sentenced to the time she has served in prison – about 19 months – with prosecutors citing her cooperation in the case.

A fourth defendant, Matthew Musante, who prosecutors said also received tips from Femenia, received 3…

View original post 6 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s