https://www.advisorhub.com/fidelity-failed-to-supervise-employee-who-stole-750k-from-stock-plan-clients-finra/
This went on for nearly 8 years and no one noticed?
11 replies (most recent on top)
This is so basic. Maybe if they weren't so focused on RTO and badge swipe reporting efforts could have been focused on more important things like preventing something like this.
I wonder how many clients will leave SPS because of this news. Embarrassing.
A lot of the managers in my department now, were lower level employees that don’t have soft skills and were never really great at their last role. It seemed like a strategy to get problematic employees out the door, faster.
Yikes, this just after the 16 day holds. Damn, good luck Abby.
There’s a lot that goes on under the nose of managers because all they do is stand around and talk to each other about tv, life events, etc. Since coming back to the office every other week, I wonder what the heck their job responsibilities are. They talk endlessly about how much they work… I just don’t see it
I always got the sense that compliance and supervision was more lax when it came to high performers. Knew of a rep in a branch who consistently told clients that Fidelity Freedom Funds were more expensive than the PAS offering. He would even say it in branch meetings and his manager said nothing.
You can find his name by doing some searching, msn article states his name and he is blogging from prison, sad story really when you read his posts: wife, kids, etc.
Must have been nerve racking going into the office doing this for those five years, my goodness!
What is the employee's name? Surely charges have been filed against them.
Would not doubt that the reps manager was promoted after this...and statement in the article tries to reframe ownership:
"Fidelity uncovered the issue after an international stock plan client contacted the firm about transfers out of his account."
Fidelity did not uncover anything, clients basically work on the Risk Teams.
- ready, shoot, aim.
Fidelity Investments fined $600,000, after their employee stole $750,000.
Does FINRA have a math problem?
Bravo to the associate for this profitable scheme.
Thing is, you got greedy.
Should have stopped and/or took a break at the $250K or $500K points.