New York Securities Firm Spends $9.7 Million for Lavish Gifts

At the same time it was wrapping up a two-year review of the gift and entertainment practices of its member firms, NASD, along with the Securities Exchange Commission, fined a New York securities firm $9.7 million for illegally lavishing gifts and entertainment on Fidelity Investments equity traders.

As part of the joint investigation with the SEC, NASD fined Jefferies & Co. Inc. $5.5 million for providing Fidelity traders with more than $1.6 million in gifts, entertainment, and t

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