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Rating:Fido Fined DeSano Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, December 20, 2004

Fido Fined DeSano

by: Sean Hanna, Editor in Chief

The "Green for Greens" scandal has reached head Fidelity trader Scott DeSano. The Wall Street Journal reported Monday that DeSano was one of the 14 equity traders disciplined last week.

The paper cites "people familiar with the matter" as its source.

DeSano, 44, reportedly was fined in part for failing to supervise some of his employees. Those fines reached about $50,000. In addition, he will lose part of his bonus.

Those penalties appear to be the end of the story for DeSano who remains as head of equity trading. A spokesperson told the paper that he will keep the post "now and in the future." DeSano has been the fund giant's top trader for the past eight years.

Meanwhile, the NASD has looked into DeSano's trip to the AT&T Pebble Beach National Pro-Am golf tournament. Though he asked for permission to attend the Bank of America Corp. sponsored event and paid for his own expenses, there have been questions raised about his playing with pros at the event. While the vslue of those playing slotes cannot be easily determined, they are awarded to sponsors paying hundreds of thousands of dollars. 

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