David K. Donovan, Jr., one of
Donovan said his mother's single trade "had nothing to do with me." In particular, investigators are looking at the trading account of Concetta Donovan in shares of
Lately, regulators have been trying to determine if traders at Fidelity steered business to brokers who showered them with lavish gifts and entertainment, as opposed to seeking the best deal for clients. With Donovan's mother's account in the limelight, securities attorneys said investigators would be trying to figure out if an employee or a third party such as a relative profited from insider information.
Donovan called his mother's trade an "innocent" transaction from which he "didn't profit," according to the Globe. "There is no issue. I didn't have anything to do with it," he added. Donovan's transactions with his brother, Peter Donovan, who worked for
Fidelity refused to comment on Donovan, citing employee confidentiality issues. Fidelity has lost five traders, including Donovan, since the