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Broker, Girlfriend Must Pay SEC $3 Million for Insider Trading

Aug. 30, 2019, 4:04 PM

Part of a former Wells Fargo Securities LLC investment banker’s insider trading tipping ring must pay the SEC around $3 million after the agency secured a default judgment in North Carolina federal court.

Broker Shawn Hegedus allegedly used tips from friend and former banker John Femenia to set the ring, which made more than $11 million in illicit profits, in motion. Hegedus, then-girlfriend Danielle Laurenti, and two entities they controlled never answered the Securities and Exchange Commission’s 2013 amended complaint, leading to a default judgment in the U.S. District Court for the Western District of North Carolina Aug. 29....

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