A Fidelity trader is once again in the papers because of his blow out bachelor party. The ex-Fido trader, Thomas Bruderman
, threw the $200,000 party on eve of his marriage to the daughter of ex-Tyco CEO Dennis Kozlowski in the summer of 2003. Why is it an issue for Fidelity?
Suspicions are that at least some of the tab for the party was picked up by brokerage firms hoping to win an edge on landing Fidelity trade orders. SEC investigators have been investigating their suspicions for the past four months.
Tuesday's Boston Herald
takes what should be an embarrassing look at the matter, noted that its mere mention of the probe is causing "instant panic from Wall Street to Wellesley." When asked to comment "Grown men start stammering down the phone. They gurgle and choke. They slam down the receiver," according to the paper, hopefully with some hyperbole intended.
Why does no one want to talk? One reason may be newfound embarrassment at the partyís excesses.
reports that partygoers took a private jet to Miamiís South Beach and then embarked on a "wild weekend" on a yacht.
Rules state that traders cannot accept gifts valued at more than $100 from firms they do business with.
The matter will likely hit the papers again sometime soon as the SEC is reportedly wrapping up its investigation.
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