Fidelity Investments, the
world’s biggest mutual fund company, said it’s working with
securities regulators after identifying certain unspecified “issues related to documentation” at some investor centers.
The U.S. Securities and Exchange Commission and the New York
Stock Exchange are investigating whether employees at Fidelity
Brokerage Co. altered documents to deceive internal auditors, the
Wall Street Journal reported, citing unidentified people familiar
with the matter.
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The inquiry revolves around whether some branch managers and
regional managers at Fidelity investor centers altered customer
records to qualify for extra compensation, the Journal said.
Boston-based Fidelity said the issues were discovered last
year. “We took immediate action to correct the problem and we have
been working with regulators on these issues,” the company said in
a statement without being more specific.
Bloomberg News
