It has emerged that Fidelity Investments may be facing a probe by the Securities and Exchange Commission into gifts accepted by former employees from brokerage firms.
Fidelity this week admitted, according to reports in the US media, that it had received a 'Wells Notice' from the SEC, and stated that it intended to defend itself "against any allegations that we believe are not supported by relevant facts and data". The mutual fund firm also revealed that no current employees have received such notices.
The discovery that Fidelity traders had accepted lavish gifts such as overseas trips came as part of an industry-wide investigation into gift-giving and its potential impact on mutual fund firms' selection of brokerages to handle their stock trading.
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