SEC Socks Fidelity in Gift Probe

The Securities and Exchange Commission last week charged Fidelity Investments and 13 of its former and current employees—including Peter Lynch, the celebrated former manager of the Fidelity Magellan fund—with improperly accepting more than $1.6 million in gifts, travel, and entertainment from outside brokers seeking Fidelity’s business.

Fidelity will pay $8 million to settle the SEC’s charges, concluding a three-year investigation of Fidelity. The SEC and NASD (now FINRA) had previo

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