- Money Management Executive
The NASD is fining four Fidelity Investments broker/dealer subsidiaries $3.75 million for supervisory failures, including allowing brokers to accept lavish gifts. As many as 1,000 of Fidelity registered reps didn’t have supervisors, the NASD said. In addition, Fidelity maintained broker registrations for 1,100 employees who didn’t need the credentials, which would have enabled them to join another brokerage without taking tests required of those who are unregistered for two or more years. The regulator said that these registrations occurred because Fidelity permitted new employees to “park” NASD licenses they held prior to joining Fidelity even though they did not need them for jobs that neither required nor permitted NASD licenses.
February 6 - Money Management Executive
The Securities and Exchange Commission announced last Wednesday it is taking proceedings against former CIBC brokers Michael Sassano and Dogan Baruh for allegedly assisting hedge funds market time mutual funds between 1999 and at least 2003. The SEC also said that Baruh placed illegal late trades.
February 5 - Money Management Executive
BOSTON-As retirement plan sponsors navigate the rules and regulations of the Internal Revenue Service and Department of Labor they'll be looking to their service providers for help. And those service providers better have answers, according to a panel presentation at the National Investment Company Service Association's recent East Coast Regional Meeting.
February 5 - Money Management Executive
While defined benefit plans at large corporations may be going the way of the dinosaur, it might be a little early to call in the taxidermists.
February 5 - Money Management Executive
The options industry is growing, and over the next few years more institutional investors will seek to invest in them to diversify portfolios and lower risk.
February 5 - Money Management Executive
Despite industry support of a proposed rule raising the requisite assets investors need to buy into hedge funds, the Securities and Exchange Commission is now questioning whether more regulation may be needed.
February 5 - Money Management Executive
Despite claims she is too ill to take the stand, Concetta Donovan, mother of former Fidelity Investments trader David Donovan, Jr., will testify about trades made in her account that mirrored those of the mutual fund company's.
February 5 - Money Management Executive
Two managers of HMC International, a defunct hedge fund headquartered in Montvale, N.J., have agreed to pay $4.6 million after charges that they bilked investors to buy cars and trips, according to the Securities and Exchange Commission. Founder and manager Robert Massimi agreed to pay $1.46 million, while trader Bret Grebow will pay $3.1 million.
February 5 - Money Management Executive
Fidelity Investments is considering expanding a facility outside of Dallas, in Westlake, Texas, by as many 1,500 jobs. The campus currently has 2,900 workers. The firm decided to do so after the town approved its request to extend tax breaks it initially gave to Fidelity in 1999.
February 5 -