The Securities and Exchange Commission on Thursday fined eight former Fidelity traders $1.04 million for accepting lavish gifts from brokers, not least of which included trips on private jets and courtside sports tickets.

The SEC’s case is against Scott E. DeSano, who ran Fidelity’s trading desk, along with former traders Timothy J. Burnieika, David K. Donovan, Jeffrey D. Harris, Christopher J. Horan, Steven P. Pascucci and Kirk C. Smith, for violating federal securities laws. Further, DeSano was found guilty of not seeking best execution for clients, not disclosing conflicts of interest and faulty supervision.

“By accepting improper gifts from brokers, these individuals squandered the most important commodity in the financial services industry—investor trust,” said George Curtis, deputy director of enforcement at the SEC.

“Employees of money managers must keep the clients’ interests paramount and avoid putting their personal interests at odds with those of the investors they serve,” added David Bergers, regional director of the SEC’s Boston regional office.

FINRA cooperated with the SEC on the case.

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