Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:DeSano Faces Civil Charges Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 5, 2005

DeSano Faces Civil Charges

by: Sean Hanna, Editor in Chief

A legacy of squeezing costs out of Fidelity's trading operations may not be enough to protect Scott DeSano from civil charges. The SEC probe into whether Fidelity traders improperly accepted gifts from brokerages hoping to land business from Fidelity's funds since last winter. In the latest development in that probe, the Wall Street Journal reported Friday that the SEC sent DeSano a Wells Notice and is now weighing whether to bring a civil case against the top Fidelity trader.

The SEC staff issues Wells Notices to individuals and corporations to give those parties a chance to formally respond to its findings prior to filing a legal action.

The paper did not identify its source for its information, nor did it report on the specifics of the allegations outlined in the notice.

Though DeSano continues to work at Fidelity, he recently took an executive post in the Strategic New Business Development Group. Before the change in responsibilities, he served as the head of Fidelity's trading desk.

As the Boston Behemoth's head trader DeSano build a reputation for squeezing cost concessions from brokerages executing trades from the funds. The WSJ reports that Fidelity's trading costs are half of the typical funds’, according to research issued by Abel/Noser Corp.

Eight Fidelity traders have already either resigned from or been fired from Fideluity since the first word of the scandal. Another 14 Fidelity employees have been disciplined for accepting gifts from brokerages. DeSano was among those disciplined, according to published reports.

The alleged gifts include tickets to sporting events and entertainment, golf slots with professionals and flights on private aircraft.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use