LCM Settles Improper Gift Charges With SEC For $3M

Law360, New York (October 31, 2008, 12:00 AM EDT) -- Lazard Capital Markets LLC and four of its former employees have agreed to a settlement of roughly $3 million with the U.S. Securities and Exchange Commission over allegations of improper gifts to traders at mutual fund giant Fidelity Investments.

The settlement, announced Thursday, was arrived at through SEC administrative proceedings.

According to the SEC, some of LCM's former employees had spent about $600,000 from firm expense accounts entertaining the traders with trips, parties and lavish gifts in an effort to generate business.

Other employees and LCM...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.