It emerged last week that six current Fidelity traders are facing an SEC probe over allegations that they improperly accepted gifts from brokerage firms.
Earlier in the year, Fidelity admitted 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 stated at that time that no current employees had received such notices.
However, according to reports in the national media, six Fidelity traders have been given time off by the firm to prepare their defenses, although the company declined to identify those facing the regulatory probe.
The allegations that the traders 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.
Fidelity itself is also potentially facing charges.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment