The following month, when regulators announced on Sept. However, the sale also raises a red flag of potential violation of insider trading rules that prohibit company insiders from profiting on stock purchases and sales based on unpublished corporate information, said Chicago securities lawyer Andrew Stoltmann. Wells Fargo CEO John Stumpf took another beating from Congress Thursday over phony accounts employees created to meet sales quotas. There is no clear-cut definition for insider trading, said corporate governance consultant Nell Minow, vice chairman of ValueEdge Advisors.

The SEC declined to comment on whether the agency has instigated an insider trading investigation. Altogether, Stumpf sold nearly 3 million Wells Fargo shares inwhich is almost 10 times theshares he sold the previous year, according to SEC filings.

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