Fidelity Gets A Subpoena On Failed Private Placements
- Created: Wednesday, 08 June 2011 07:22
Fidelity just got served with papers related to the failure of Provident Royalties, one of the most notorious of the private issuers.
The suit doesn't seem to aim to recover any money from Fidelity proper, which didn't sell Provident instruments so much as hold them for its own clearing clients
All the trustee of the now-failed Provident wants is to see exactly who bought and sold these securities.
But simply knowing that the authorities here are willing to dig all the way down to the clearing side of these once-obscure securities at all is a little breathtaking.
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