SEC dings Peter Lynch over gifts from brokersAaron Pressman
Fidelity Investments has suffered three years of embarrassing revelations of bachelor parties gone wrong (the dwarf denied being tossed, if you recall) and free Super Bowl tickets in a federal investigation of gift giving by Wall Street brokers eager for the fund giant’s stock commissions. The firm has already thrown out some of the employees involved and paid back $42 million to its fund shareholders. Today should mark the final chapter as Fidelity settled with the SEC, agreeing to pay another $8 million while sticking to the usual neither admit nor deny wrongdoing formulation common in these type of matters.
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