SEC Wants Former Fidelity Trader's Mother to Testify

The Securities and Exchange Commission wants the mother of a former Fidelity trader to testify about whether she bought stocks due to information her son provided to her, The Wall Street Journal reports.

The SEC made its desires know in a filing in U.S. District Court in Boston, in which it said it wants Concetta Donovan, mother of David Donovan, Jr. to testify and both of his parents to provide it with documents regarding purchase of Covad Communications Group stock in 2003.

But Donovan maintains his innocence, with a spokesman for him, Richard E. Nicolazzo, telling The Journal: “He never took any actions that violated company policies and procedures [and] remains confidence that when the inquiries are completed, he will be vindicated.”

However, the inquiry doesn’t appear slated to conclude anytime soon, for an attorney for Donovan’s mother says she is unable to testify because pain medications she is taking are impairing her thinking ability.

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