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.
The Charlotte Observer reports that 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.
Conrad said the sentences were an 'adequate deterrent for a difficult-to-detect crime.' The judge noted that Hegedus had engaged in other criminal acts, including mortgage fraud and drug dealing, and fled in the face of prosecution.
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