SEC Targets Fidelity

The Securities and Exchange Commission has notified Fidelity Investments that it is considering bringing a civil complaint against Fidelity over its gift-giving and entertainment practices. Fidelity acknowledged in July it had received a Wells Notice, which, under the SEC's procedures, indicates that its staff has made a preliminary decision to recommend that the SEC bring a civil action against Fidelity. In a statement, Fidelity said it has been cooperating with the SEC regarding inquiries