Fidelity Fined $600K Over Employee Who Raided Stock-Plan Accounts

What You Need To Know

• The firm failed to detect an associated person's conversion of $750,000 over eight years, FINRA said.
• The associated person was able to use his data access to change the plan participant’s name to his own.
• Upon discovery, Fidelity terminated the associated person, notified FINRA and made full restitution.