The Massachusetts Securities Division charged Fidelity Brokerage LLC of Boston on Monday with “dishonest and unethical behavior” for allowing at least 13 unregistered investment advisors to use its broker-dealer platform to make trades for clients for at least 10 years.
William Galvin, Massachusetts secretary of the commonwealth, is known for his close scrutiny of the advisory industry, said in the complaint that in one instance, more than 20 Fidelity customers paid one unregistered advisor who was trading on their behalf $732,271.83 in advisory fees.
Fidelity charged for knowingly allowing unregistered activity
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