Violation Tracker Individual Record

Company: 
Fidelity Co-operative Bank
Penalty: 
$3,500,000
Year: 
2014
Date: 
September 22, 2014
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

Fidelity agreed to set up a $3.5 million Relief Fund in settlement of allegations it had insufficient oversight of the accounts opened by TeleFREE entities, which were later accused of constituting an illegal pyramid scheme.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Massachusetts Securities Division
Civil or Criminal Case: 
civil
Facility State: 
Massachusetts
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.