Fidelity Brokerage Services LLC
Gana LLP’s investment attorneys represent clients with securities claims in FINRA arbitrations against their financial advisers and brokerage firms, such as Fidelity Brokerage Services LLC (Fidelity). Our attorneys know that broker misconduct comes in a wide range of misconduct including churning, unauthorized transactions and unsuitable investment advice. Upon contacting our firm, you can expect that an experienced attorney will walk you through the process, review your account statements and information, and uncover any potential wrongdoing.
Fidelity is a privately held company founded in 1946. Fidelity has around 41,000 employees who service more than 20 million investors holding about $1.8 trillion in assets. Fidelity manages around 500 separate mutual funds and is also owns many non-banking businesses involved in industries like; commercial lumber, building materials, and telecommunications.
Fidelity is affiliated with, under common control, or otherwise performs business under the company names: Impresa Management LLC, Pyramis Global Advisors, Fidelity Personal Trust Company FSB, Northern Neck Investors LLC, Bally Rock Investment Advisors LLC, FMR Co., Inc., and National Financial Services LLC.Fidelity Brokerage Services - By the Numbers:
- CRD# 7784
- Revenue: $12.63b as of 2013
- 16 Regulatory Events as of 2014
- 138 Customer Complaints as of 2014
FINRA v. Fidelity Brokerage Services, LLC, Case No. 20090209712-01. Fidelity submitted and letter of acceptance, waiver and consent (AWC) and paid a fine of $23,500 to settle allegations with FINRA. The FINRA allegations stated that Fidelity allowed a broker to make transactions for a customer at a price that was above the best available market price for the related security. This type of activity may constitute a breach of a broker’s fiduciary duty to her client.
FINRA v. Fidelity Brokerage Services, LLC, Case No. 20080136298-01. Fidelity submitted an AWC and paid a fine of $65,000 to settle a allegations with FINRA. FINRA alleged that Fidelity bought and sold municipal bonds from and to customers at prices that were not the best price available on the market at the time of the sale.
NASD v. Fidelity Brokerage Services, LLC, Fidelity Distributors Corporation, Fidelity Investments Institutions Services Company, Inc, National Financial Services, Case No. 2005000627701. Fidelity submitted an AWC and paid a civil penalty of $3.75 million to settle allegations made by the NASD. The NASD alleged that Fidelity failed to ascertain if its employees had the proper registrations for their job functions and allowing improper “parking” of registrations.