Former Fidelity trader Thomas Connolly was sentenced to three years probation yesterday for $2.39 million worth of illegal options trades through the CBOE. Richard Callipari, who managed the options trades that Connolly handled for the nation’s No. 1 fund company, was also implicated.

Last year, Callipari was found guilty at trial of conspiracy, wire fraud and obstruction. While he only paid a fine of $7,500, he was sentenced to 2-1/2 years in prison, Reuters reports.

The SEC barred Connolly from the securities industry last year.

Reuters’ attempts to reach Connolly for comment and to locate his attorney yesterday were unsuccessful.

Meanwhile, Raymond James is in talks with the SEC for overcharging a reported $14.8 million in breakpoint discounts that were not rightfully passed along to clients.

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