Fidelity VP Texted That Charitable Arm 'Botched' Share Sales

Law360, San Francisco (October 20, 2020, 10:16 PM EDT) -- Philanthropists who claim Fidelity Investments' charitable arm made false promises to secure their donations of stock called a Fidelity vice president to testify during a bench trial before a California federal judge Tuesday about text messages he sent labeling trades of the shares as "botched" and "amateur hour."

Counsel for philanthropists and former hedge fund managers Emily and Malcolm Fairbairn showed U.S. Magistrate Judge Jacqueline Scott Corley, who is presiding over the Zoom bench trial, text messages and emails from Justin Kunz, a vice president at Fidelity, condemning a Fidelity trader's rapid liquidation of nearly 2 million shares donated by the...

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