Skip to: Content
Skip to: Site Navigation
Skip to: Search
TUESDAY, FEBRUARY 9, 2010
 |  Follow Newser on Twitter   Friend Newser on Facebook   Subscribe to Newser's RSS feeds   Subscribe to Newser emails Newsletters


0

Fidelity Pays $8M in SEC Gift Scandal

Investor giant Peter Lynch fined $20K for procuring tickets to concerts, games

Share

(Newser) – Investment guru Peter Lynch and Fidelity Investment settled SEC charges brought against them alleging that Lynch used Fidelity traders to procure tickets to high-profile concerts and sporting events. Lynch, vice chairman of Fidelity's parent company, agreed to pay $15,948 for the tickets, plus $4,183 in interest. Fidelity will pay $8 million for nine other charges, reports the Wall Street Journal.

"The tone is set at the top," said an SEC official. "If higher-ups request tickets from a trading desk, it may send a message to the traders that such misconduct is tolerated." Lynch wrote that he "never intended to do anything inappropriate, and I regret having made those requests." The settlement stems from the SEC's four-year probe into inappropriate gifting practices at mutual-fund companies. 

Peter Lynch used his connections to land tickets at high-profile events, the SEC alleged.
Peter Lynch used his connections to land tickets at high-profile events, the SEC alleged.   (Newscom)
« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
2.9.10
It’s the Sex, Stupid   
2.8.10
For Me, Palin Scores
0 comments
VIEWING:
 
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

30 Stories

 BofA Doles Out $4B in Bonuses 

Year-end payout breaks down to $300-$500K per employee

Feb 3, 10 9:41 AM CST

BofA Doles Out $4B in Bonuses

Year-end payout breaks down to $300-$500K per employee

(Newser) - Bank of America will pay a total of $4 billion to its traders and investment bankers for their work in 2009—or something between $300,000 and $500,000 per employee. That means those responsible for the bank’s $23 billion haul in those sectors will receive about 19% of... More »

 Wall St. 
 Dealmaker 
 Wasserstein 
 Dead at 61 

Oct 14, 09 4:16 PM CDT

Wall St. Dealmaker Wasserstein Dead at 61

(AP) - Bruce Wasserstein, the CEO of Lazard Ltd. and one of Wall Street's most prominent dealmakers, is dead at 61. He had been hospitalized with an irregular heartbeat on Sunday. Wasserstein had been a fixture on Wall Street since the 1980s. He worked on such landmark deals as Kohlberg Kravis Roberts'... More »

ANALYSIS

 Paulson Still Dogged 
 by Ethics Queries 

Ex-Goldman exec coddled firm as Treasury sec, critics say

Aug 9, 09 11:28 AM CDT

Paulson Still Dogged by Ethics Queries

Ex-Goldman exec coddled firm as Treasury sec, critics say

(Newser) - As a former Goldman Sachs exec, Henry Paulson vowed to avoid any potential conflicts of interest when he was appointed President Bush’s Treasury secretary. But seven months after he left office, the nagging questions surrounding Paulson’s tumultuous term in office suggest he may not have succeeded, Gretchen Morgenson... More »

30 Stories


SEC zaps Fidelity, Peter Lynch for gifts
Associated Press

'Lavish gifts' are $8M woe for Fidelity
Bloomberg

 
ethics • Wall Street • SEC • Fidelity • investment bankers • probe • gift • Peter Lynch

from our news partners

Please wait, content is loading
Please wait, content is loading

Just For Laughs

Loading...