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Fidelity Fined in SEC Probe of Private Jets, Escorts, Ecstasy |
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Saturday, 08 March 2008 |
Fidelity Investments icon Peter Lynch, who helped build the company into a mutual fund giant as manager of the Magellan fund, says he regrets taking freebie tickets from brokerages to attend rock concerts and the Ryder Cup.
"I never intended to do anything inappropriate, and I regret having made those requests. I want the public to know that I have never worked on the trading desk, and, since retiring from investment management at Fidelity over 17 years ago, I have not placed any trades on behalf of Fidelity with any brokerage firm. As many people know, over the past 17 years, I have spent most of my time on community service," Lynch said in a statement issued through a public relations firm.
Lynch did not admit or deny any wrongdoing in a settlement with the Securities and Exchange Commission.
Fidelity paid an $8 million penalty to settle an investigation into a widespread gifts scandal. Lynch, a 64-year-old vice chairman at Fidelity, was the highest-ranking official named in the SEC investigation.
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Last Updated ( Saturday, 08 March 2008 )
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