MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, June 25, 2007 UPDATE 1: Ex-Employee: Fidelity Willfully Broke Partiot Act Accusations are flying that Fidelity knowingly broke certain provisions of the Patriot Act. The Boston Globe reports that David van Duyn has accused the Boston Behemoth of ordering him to avoid the Act's requirements to monitor and report transactions to regulators. And Fido is fighting back. Van Duyn worked as an anti-money laundering adviser in Fidelity's Risk Oversight Enterprise Compliance unit for nearly two years. Fidelity has not taken the accusations lying down; the company has filed a counter-suit against van Duyn to keep him from breaking a confidentiality agreement he signed. According to court papers, Fidelity claims the reason van Duyn was let go was because he falsified e-mails regarding a regulatory compliance matter, showing that he failed to follow through on a time sensitive matter. "We believe that this lawsuit is without merit and includes baseless allegations, and we intend to vigorously defend against it. Fidelity has extensive legal and regulatory compliance programs designed to meet our regulatory obligations," Fidelity spokesman Vin Loporchio, tells the MFWire. When first announced the accusations caused a litany of lawsuits, which has been narrowed down to just one ongoing case in Plymouth Superior Court. Van Duyn did have other options when reporting his allegations "Fidelity has provided employees with a confidential hotline to report business ethics issues for more than a decade," Loporchio added. Printed from: MFWire.com/story.asp?s=14843 Copyright 2007, InvestmentWires, Inc. All Rights Reserved |