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Fidelity Fined For Favouring Brokers


Bloomberg says Fidelity has been fined $1.6 million for taking favours from brokers in response for running transactions through them. The favours involved providing traders with female escorts and drugs, to flights in chartered jets and tickets to sports events.

Even Peter Lynch was charged – in a small way, for asking of favours like tickets and such.

I have no idea if something like this happens in India. Typical funds run money through their own brokerages, fairly openly, and there seem to be no strict rules. Or are there?


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