Fidelity accused of ducking oversight - Boston Herald

Massachusetts Secretary of State William F. Galvin yesterday charged Fidelity Brokerage Service LLC of Boston with serving as a haven from regulatory oversight for at least 13 unregistered investment advisers who made trades for clients through the company’s broker-dealer platform, thereby generating fees for both Fidelity and the advisers.

In one instance, more than 20 Fidelity customers paid one unregistered investment adviser who was trading on their behalf $732,271.83 in advisory fees over a 10-year period, Galvin said in an administrative complaint.

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