{"id":1734,"date":"2015-10-27T20:20:49","date_gmt":"2015-10-27T20:20:49","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/10\/massachusetts_regulator_says_f"},"modified":"2015-10-27T20:20:49","modified_gmt":"2015-10-27T20:20:49","slug":"massachusetts-regulator-says-f","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/","title":{"rendered":"Massachusetts Regulator Says Fidelity Let Unregistered Advisers Trade on Its Broker-Dealer Platform"},"content":{"rendered":"<p>\t\t\t\tCommonwealth William Galvin has filed an administrative complaint against Fidelity Brokerage Services. The firm is accused of letting at least 13 unregistered investment advisers trade on its broker-dealer platform, which caused Fidelity and the advisers to earn fees. <\/p>\n<p>This practice, which involved unregistered advisers having their clients turn in trade authorizations to the brokerage firm so that they could access the accounts, purportedly took place for more than ten years beginning in 2005. For example, the state regulator contends that over twenty Fidelity customers paid one unregistered investment adviser $732,000 in fees over ten years in which he made over 12,000 trades in his account and nearly 29,000 trades in client accounts. <\/p>\n<p>Galvin believes that Fidelity knew that this person was acting as an unregistered adviser, even at one point pressing him to register. However, claims the regulator, despite remaining unregistered, the trader was rewarded because of referrals he made to the broker-dealer. Seven Fidelity customers paid him  $732,000 as compensation for his services.<br \/>\n <a href=\"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/#more-1734\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commonwealth William Galvin has filed an administrative complaint against Fidelity Brokerage Services. The firm is accused of letting at least 13 unregistered investment advisers trade on its broker-dealer platform, which caused Fidelity and the advisers to earn fees. This practice, which involved unregistered advisers having their clients turn in trade authorizations to the brokerage firm [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3819,3752,3781],"tags":[],"class_list":["post-1734","post","type-post","status-publish","format-standard","hentry","category-fidelity","category-financial-firms","category-investment-advisers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Massachusetts Regulator Says Fidelity Let Unregistered Advisers Trade on Its Broker-Dealer Platform &#8212; Investor Lawyers Blog &#8212; October 27, 2015<\/title>\n<meta name=\"description\" content=\"Commonwealth William Galvin has filed an administrative complaint against Fidelity Brokerage Services. The firm is accused of letting at least 13 &#8212; October 27, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Massachusetts Regulator Says Fidelity Let Unregistered Advisers Trade on Its Broker-Dealer Platform &#8212; Investor Lawyers Blog &#8212; October 27, 2015\" \/>\n<meta name=\"twitter:description\" content=\"Commonwealth William Galvin has filed an administrative complaint against Fidelity Brokerage Services. The firm is accused of letting at least 13 &#8212; October 27, 2015\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Massachusetts Regulator Says Fidelity Let Unregistered Advisers Trade on Its Broker-Dealer Platform &#8212; Investor Lawyers Blog &#8212; October 27, 2015","description":"Commonwealth William Galvin has filed an administrative complaint against Fidelity Brokerage Services. The firm is accused of letting at least 13 &#8212; October 27, 2015","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/","twitter_card":"summary_large_image","twitter_title":"Massachusetts Regulator Says Fidelity Let Unregistered Advisers Trade on Its Broker-Dealer Platform &#8212; Investor Lawyers Blog &#8212; October 27, 2015","twitter_description":"Commonwealth William Galvin has filed an administrative complaint against Fidelity Brokerage Services. The firm is accused of letting at least 13 &#8212; October 27, 2015","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Massachusetts Regulator Says Fidelity Let Unregistered Advisers Trade on Its Broker-Dealer Platform","datePublished":"2015-10-27T20:20:49+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/"},"wordCount":364,"articleSection":["Fidelity","Financial Firms","Investment Advisers"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/","url":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-says-f\/","name":"Massachusetts Regulator Says Fidelity Let Unregistered Advisers Trade on Its Broker-Dealer Platform &#8212; Investor Lawyers Blog &#8212; October 27, 2015","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2015-10-27T20:20:49+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Commonwealth William Galvin has filed an administrative complaint against Fidelity Brokerage Services. 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