Wed, Sep 20, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SEC charges 10 in $11m insider trading ring around investment banker's illegal tips on impending mergers

Thursday, December 06, 2012

Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) today charged an investment banker primarily based in Charlotte, N.C., and nine others involved in an insider trading ring that garnered more than $11m in illicit profits trading on confidential information about impending mergers. According to the complaint, the SEC alleges that John W. Femenia misused his position at Wells Fargo Securities to gather nonpublic information about merger transactions involving Wells Fargo clients. He then passed this information on to Shawn C. Hegedus, a long time friend and registered broker setting of a chain of insider trading that spanned five states.

The SEC has obtained a court order freezing the assets of the illegal traders. Femenia was originally based out of North Carolina, and during his time there passed on the majority of his inside information. Later, he moved to a Wells Fargo office in New York and continued to pass on information. According to a statement from the SEC, the others named in the matter include: Aaron M. Wens, who lives in Encinatas, California and Matthew Musante, who lives in Miami. Musante tipped his father Anthony Musante, who lives in Melbourne, Florida. Hegedus tipped his girlfriend Danielle Laurenti and his business colleague Roger A. Williams, who lives in Georgetown, South Carolina. Williams tipped three of his friends: Frank M. Bur......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Institutions - Canada's pension funds lever up[more]

    From Institutionalinvestor.com: Canadian pension plans are among the most admired institutional investors for their prowess as money managers. Now pension plans in Canada are upping the ante, increasingly issuing long-term bonds and using the borrowed money, or leverage, to try a

  2. Manager Profile - The three quants in their 20s running a hedge fund making $1 billion of trades daily[more]

    From Forbes.com: In an office overlooking downtown Boston, the views are partially obscured by math formulas and technical drawings that have been scribbled on the windows. Wearing a T-shirt with the words "machine earning" printed on it, Luca Lin says the formulas are being developed to help trade

  3. News Briefs - Iron Cove Partners launches hedge fund manuscript management & professional liability insurance policy, Private equity, hedge funds eye bizav financing market. Blue Capital halts ILS fund buy-backs as hurricane Irma approaches[more]

    Iron Cove Partners launches hedge fund manuscript management & professional liability insurance policy Iron Cove Partners, a national insurance brokerage specializing in the needs of the alternative asset management community, today announced the launch of its newest insurance product, th

  4. Asia - Hedge funds used to love shorting China. Now, not so much, Fledgling China FoFs require careful use: NCSSF, Amac, Japanese banks turn to PE, hedge funds for returns[more]

    Hedge funds used to love shorting China. Now, not so much From Bloomberg.com: A sharp devaluation. A credit crisis. And an economic hard landing. That's what some of the biggest names in the hedge fund industry were predicting for China after the nation's stocks and currency tumbled in 2

  5. Launches - Orchard launches new credit platform, ETN based on hedge fund to launch on the LSE[more]

    Orchard launches new credit platform Orchard Platform has rolled out Deals as a part of its new platform launch. With the addition of Deals to their suite of technology solutions for loan originators and institutional investors, Orchard Platform takes the next step in their evolution. De