Fidelity Owes No Damages to Wine Mogul but Gets Finra Scolding
- Deutsch’s China stock play was doomed anyway, panel finds
- Brokerage criticized for putting its own interests first
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Fidelity Brokerage Services LLC won a muted victory in an arbitration against one of its wealthiest clients, wine mogul Peter Deutsch.
Deutsch lost his claim for compensation from the giant brokerage, which he accused of mishandling his account as he made heavy bets on Chinese shares. In a ruling issued late last month, a financial industry panel also scolded Fidelity for putting its own interests ahead of Deutsch’s.