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SEC Settles With 8 Fidelity Traders

WASHINGTON (CN) - The SEC said today it will collect more than $1 million in disgorgement, penalties and interest to settle charges against eight former employees of Fidelity Investments' equity trading desk who were accused of accepting expensive gifts from outside brokers courting business with Fidelity.

The SEC sued the defendants in March. Defendants include the former vice president and head of the trading desk, Scott E. DeSano. The SEC orders issued today find that DeSano and former Fidelity equity traders Timothy J. Burnieika, David K. Donovan, Edward S. Driscoll, Jeffrey D. Harris, Christopher J. Horan, Steven P. Pascucci and Kirk C. Smith violated federal securities laws by accepting prohibited compensation from brokers, including private jet trips, lodging and sports tickets.

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