Fidelity Traders Settle SEC Misconduct Claims For $1M

Law360, New York (December 12, 2008, 12:00 AM EST) -- One current and seven former employees of Fidelity Investments will pay a total of more than $1 million and be subject to other penalties to settle U.S. Securities and Exchange Commission claims that they accepted extravagant gifts from outside brokers seeking influence over the mutual fund firm.

Of the individuals who settled claims with the SEC Thursday, Scott E. DeSano, a former Fidelity vice president and head of the firm's trading desk, was hit the hardest.

DeSano will pay more than $167,000 in fines and disgorgement...
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