We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Fidelity Fined $3.75M In Improper Gifts Probe

Law360 (February 6, 2007, 12:00 AM EST) -- Fidelity Investments has been fined $3.75 million for improper recordkeeping and failure to supervise workers regarding the company’s ethical policies on receiving gifts. Employees received gifts including Super Bowl tickets, a private charter flight for a honeymoon and a bachelor party.

The National Association of Securities Dealers said four Fidelity-affiliated broker-dealers improperly maintained NASD registrations, failed to retain e-mails and failed to supervise employees under NASD rules. The supervision failure led to Fidelity investment advisors receiving “hundreds of thousands of dollars” in gifts from brokerage firms...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.