This is the kind of frenetic talent that a certain hedge fund might have snapped up if time had allowed.
In one hot week last summer, prosecutors allege, the couple made more than $1 million from insider trading, spent most of it on 550 gold bars in midtown Manhattan and laundered $100,000 in a Las Vegas casino.
By the time in mid-December that a federal grand jury in Charlotte, N.C., indicted Mr. Hegedus and Ms. Laurenti, the couple had gone on the run, according to the Federal Bureau of Investigation. On June 24, he turned himself in to the U.S. authorities. The following week, she followed suit….
Insider trading wasn’t their first alleged criminal venture, according to the prosecutors. They said that, in February 2008, the two men allegedly committed mortgage fraud while buying a $1.1 million luxury home in Waxhaw, N.C.
By that time, Mr. Femenia was working for Wells Fargo. Prosecutors say his job as an investment banker gave him an opportunity to steal and sell insider information, something he allegedly did four times, starting in March 2010….
It isn’t clear when the couple went on the run—a move that remains “pretty rare” for white-collar suspects, according to Adam Pritchard, a law professor at the University of Michigan—or where they went to.
Multiple attempts in December to serve legal papers on Mr. Hegedus and Ms. Laurenti in New York and Miami were unsuccessful, according to court documents. One of the people trying to trace the couple said that a relative of Mr. Hegedus told him the fugitive was “not in Panama but on American soil.” Earlier this summer, they turned themselves in.
Insider Case Highlights Ties of Friends, Family [WSJ]