Fidelity Fined $3.75M In Improper Gifts Probe

Law360, New York (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...
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