Wells Fargo Banker Sentenced to 5 Years

A federal judge on Friday sentenced a former Wells Fargo banker to five years in prison for his role in an insider trading ring that prosecutors said netted participants more than $11 million and garnered national attention.

U.S. District Judge Robert Conrad also sentenced three of John Femenia’s co-conspirators, handing the longest sentence to a high school friend of the ex-banker who received 10 years.

Shawn Hegedus, who traded on stock tips provided by Femenia, fled to Cuba when he first learned of the investigation, and prosecutors said in court they still haven’t accounted for about $750,000 in gold bars that he bought.

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