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Rating:SEC Hits Fido with Second Wells Notice Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 23, 2005

SEC Hits Fido with Second Wells Notice

by: Sean Hanna, Editor in Chief

The SEC has hit Fidelity Investments with a second Wells Notice in the gifts-for-trading scandal. The Boston Globe reported Friday that the notice covered a second area of potential charges arising from the probe into the activity. SEC officials also notified an unspecified number of traders and others of potential charges, according to the paper.

The paper speculated that as many as a half dozen individuals may be targeted by the SEC.

The charges stem from possible violations of securities laws that include the receipt of improper gifts from brokerage firms, an attorney for one of the traders told the paper.

Fidelity officials said that they are cooperating with the SEC and that they will "vigorously defend" the company in any action it believes are not supported by "relevant facts and data."  

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