Fidelity Settles SEC Misconduct Probe For $8M

Law360, New York (March 6, 2008, 12:00 AM EST) -- Fidelity Investments announced Wednesday it has agreed to fork over $8 million to settle the U.S. Securities and Exchange Commission's investigation into Fidelity executives who accepted extravagant gifts from outside brokers seeking influence.

The SEC investigation centered on the fund manager's Vice President Peter Lynch and 12 other current or former Fidelity employees who, the SEC said, improperly accepted lavish gifts, including tickets to Wimbledon and private jet trips to Bermuda and Las Vegas from brokers hoping to sway their decisions. The misconduct was first brought...
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