Eight former employees of Fidelity Investments will pay more than $1 million in total for improperly receiving travel, entertainment and gifts paid by outside brokers courting business from the giant Boston-based mutual fund company, the SEC announced today.
The Securities and Exchange Commission instituted administrative proceedings in March against 10 former Fidelity employees, including the former vice president and head of the trading desk, Scott E. DeSano.
The orders issued today found that Mr. DeSano and former Fidelity equity traders Timothy J. Burnieika, David K. Donovan, Edward S. Driscoll, Jeffrey D. Harris, Christopher J. Horan, Steven P. Pascucci and Kirk C. Smith violated securities laws by accepting prohibited compensation from brokers.The perks included private jet trips, lodging and premium sports tickets.
The full story is available at the Investment News web-site.
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