Friday, December 12, 2008

Infidelity at Fidelity

I don't know about you, but I get tired of seeing and posting AmeriKan corruption story after AmeriKan corruption story. Whether it be government, business, or any other institution you name.

"8 cited in Fidelity case will pay $1m; SEC: Gifts violate investors' trust" by Ross Kerber, Globe Staff | December 12, 2008

Eight current and former Fidelity Investments employees will pay more than $1 million to settle federal charges they improperly received gifts from brokers seeking the Boston mutual fund company's vast trading business, the Securities and Exchange Commission said yesterday.

They are among a group of 13 current and former employees charged with wrongdoing by the agency earlier this year for accepting $1.6 million worth of gifts and entertainment - free plane rides, golf outings, concert tickets - in violation of federal rules limiting such gifts. All but two of the 13 have now settled.

Fidelity itself agreed in March to an $8 million settlement with regulators. The family-controlled firm did not admit or deny wrongdoing, but was put in the rare position of explaining a breakdown in oversight and supervision to its fund shareholders. Prompted by fund trustees, Fidelity separately agreed to repay fund shareholders $42 million for potential trading-related losses.

None of the eight yesterday admitted or denied the SEC's findings, the agency said in a statement....

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