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JERUSALEM (Reuters) – As the group of Orthodox Jews came near the Dome of the Rock in Jerusalem's Old City, one began to mumble while staring down at his mobile phone.
Another looked up in awe, eyes half shut in concentration.
BOSTON – Fidelity Investments illegally let dozens of unregistered advisers trade in customer accounts through its brokerage unit for at least a decade, gaining client assets and fee income while putting customers at risk, Massachusetts regulators claim in a complaint brought against the mutual-fund giant on Monday.
According to an administrative complaint filed by lawyers for the securities division of Secretary of State William Galvin's office, Boston-based Fidelity allowed unregistered advisers to have access to client funds, thereby exposing its clients to unnecessary risks. The filing makes no mention of any customer losses, however, and acknowledges that the trading was authorized by the clients.