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Brokerage Firm Settles Charges Over Lavish Gifts

Law360 (December 4, 2006, 12:00 AM EST) -- New York-based brokerage firm Jefferies & Co. Inc. has agreed to fork over nearly $10 million to resolve regulators’ allegations that it used illegal tactics to lure a Fidelity mutual fund adviser to its trading business with almost $2 million in golf trips, entertainment and other incentives.

The U.S. Securities and Exchange Commission and the National Association of Securities Dealers, the financial regulatory services self-policing agency, also said Monday that two Jefferies executives were fined.

As part of the SEC settlement, Jefferies was faulted and agreed...
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