Ex-Wells Fargo Banker Arrested, Firm Tweaks Advisor Comp Plan

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A former Wells Fargo banker was arrested on Thursday on charges of fraud, conspiracy and money laundering resulting from an insider-trading scheme that netted its participants $11m, the U.S. Justice Department said.

Reuters reports that John Femenia, 31, stole non-public information about upcoming mergers from the bank, in exchange for kickbacks from his high school friend, Shawn Hegedus, 32, and Hegedus' girlfriend, Danielle Laurenti, 31, prosecutors said.

The news agency also reports that Wells Fargo Advisors, which boasts the simplest pay structure among major broker-dealers, has raised the target on the revenue its brokers must generate to qualify for its 50% payout next year. As a sweetener, it added a bonus for gathering new clients and assets.

Ex-Wells Fargo banker arrested in insider-trading scheme

Wells Fargo Advisors tweaks comp plan up and down

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