CHARLOTTE, N.C. (AP) — Federal prosecutors say a former Wells Fargo Securities investment banker, his stockbroker friend and a network of friends and family were sentenced to prison after using insider information to pocket $11 million.
The U.S. attorney's office in Charlotte said Friday that 33-year-old former banker John Femeni of Greenwich, Connecticut; 34-year-old Shawn Hegedus of Centerreach, New York; and his 34-year-old wife Danielle Laurenti of Massapequa Park, New York, were sentenced to between 1 ½ and 10 years in prison. Thirty-four-year-old Matthew Musante of Miami, Florida, was sentenced to 3 ½ years.
All pleaded guilty to insider trading and money laundering conspiracy. Four others were sentenced earlier.
Femenia worked for Wells Fargo in Charlotte and New York City and passed information about four upcoming mergers involving clients before the deals were announced.