NEW YORK, May 28 (Reuters) - A former Wells Fargo & Co analyst has agreed to pay $75,000 to resolve charges by U.S. regulators that he engaged in insider trading with an employee at the bank.
The U.S. Securities and Exchange Commission revealed the settlement with Gregory Bolan, the trader, in an order made public Thursday. The agency previously confirmed reaching a deal in March ahead of a trial but did not at the time provide terms.
Wells Fargo will also pay another $29,231 that Bolan was also ordered to pay, according to the order. The bank previously set aside $117,000 to cover any illicit profits that Bolan or the trader, Joseph Ruggieri, were ordered to disgorge.
Bolan neither admitted nor denied wrongdoing in the settlement and is allowed to continue working in the industry, said Sam Lieberman, his lawyer.
"This is a great result for Mr. Bolan, because it ends the SEC case against him while permitting him to go back to work immediately," he said.
The settlement was reached on the eve of a trial before an SEC administrative law judge over charges the SEC first leveled against Bolan and Ruggieri in September.
The SEC had alleged that Ruggieri, who worked at Wells Fargo in New York, in 2010 and 2011 traded on tips about six ratings changes made by Bolan, an analyst in Nashville, Tennessee, for companies including Parexel International Corp.
The trading enabled Wells Fargo to make more than $117,000, the SEC said. The SEC also previously said that Bolan tipped off a friend who has since died who was able to reap $10,000.
Ruggieri denies wrongdoing. Ahead of trial, both he and Bolan argued the case should be dismissed following a December ruling by the 2nd U.S. Circuit Court of Appeals in New York that limited the reach of insider trading laws.
SEC Administrative Law Judge Jason Patil called that argument an "exceedingly close matter" in a February ruling. He has yet to rule on whether to hold Ruggieri liable following the trial's close.
The case is In the Matter of Bolan and Ruggieri, U.S. Securities and Exchange Commission, Administrative Proceeding No. 3-16178. (Reporting by Nate Raymond in New York; Editing by Lisa Shumaker)