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Rating:A Fido Ex-PM May Dodge Insider Trading Penalties Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 21, 2012

A Fido Ex-PM May Dodge Insider Trading Penalties

News summary by MFWire's editors

A former PM for Fidelity [profile] may dodge penalties in an insider trading case in Hong Kong. Debra Mao of Bloomberg reports that prosecutors in the Chinese city-state aren't seeking any penalty for George Stairs. A three-member tribunal ruled on April 26 that Stairs Stairs, who once PMed Fidelity's International Value fund, received non-public information three years ago about a Chinese vegetable producer and sold shares [ruling].

"We're not recommending any disgorgement because under the law the losses avoided had to have been for personal gain," Government lawyer Jonathan Kwan reportedly said.

"He did knowingly trade on non-public price sensitive information," Fido spokesman Vin Loporchio told Bloomberg in an e-mailed statement. "Fidelity conducted a thorough internal review of this matter consistent with its strong protocols."

Stairs no longer PMs any Fido funds, though he still works for the company.

The final decision on if and how to punish Stairs, say by banning him trading in Hong Kong, rests with the tribunal. 

Edited by: Neil Anderson, Managing Editor

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