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

LCM Settles Improper Gift Charges With SEC For $3M

Law360 (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.
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.