(Bloomberg) – Fidelity Investments has fired about 200 employees who were accused of abusing company benefits, according to a person familiar with the matter.
Fidelity had a program which reimbursed workers for 20% of the purchase of computer equipment up to $10,000. An audit found that some employees returned the equipment without reporting it, keeping the reimbursement allowance, said the person, who declined to be named.
“We have a culture of compliance and integrity at Fidelity,” spokesman Vincent Loporchio wrote in an emailed statement. No customers were affected by the actions, he said.
Many of the employees who were dismissed worked in the firm’s brokerage unit. The company became aware of the problem last year, the person said.
The Wall Street Journal reported on the employee dismissals Friday. A Fidelity spokesman said no customers were involved or affected as a result, according to the Journal.
“Our employees have high standards and act in our customers’ best interests,” the spokesman said. “However, in the very small percentage of instances where we identify misconduct, we take appropriate action.”
Fidelity, based in Boston, has more than 40,000 employees and manages $2.4 trillion in assets.