U.S. securities regulators on Wednesday charged a Wells Fargo investment banker and nine others for their alleged role in an insider-trading ring that earned more than $11 million by trading on tips about impending mergers.

The Securities and Exchange Commission said that John Femenia, 30, misused his position at a unit of Wells Fargo to obtain material, non-public information about four different mergers involving firm clients.

The SEC said Femenia then tipped his friend, Shawn Hegedus, a registered broker-dealer. The SEC says the two then tipped other friends, resulting in an insider-trading ring that spread across five states.

(Reporting by Sarah N. Lynch; Editing by Phil Berlowitz)