U.S. regulators on Monday charged two former Wells Fargo employees with insider trading, saying a former research analyst tipped a trader about pending rating changes for six healthcare stocks. The Securities and Exchange Commission said former analyst Gregory Bolan Jr, 37, tipped former trader Joseph Ruggieri, 35, about the upcoming upgrades and downgrades in ratings. Ruggieri made more than $117,000 in profits, the agency said. The SEC said Bolan also tipped another close friend about the ratings changes, letting the friend reap $10,000. The friend has since died. The two ex-employees plan to contest the charges in the SEC's administrative court. Sam Lieberman, an attorney with Sadis & Goldberg LLP, said Bolan and Ruggieri "vehemently deny" the charges and that the SEC's decision to bring the case in its in-house court instead of a federal court raises questions about its case. "The SEC knows that it has serious weaknesses in its case, and that is why it is choosing to
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