Newsletter
Litigation

‘Now We’re Bleeding’: Fidelity Accused of Choosing Profits Over Clients’ Interests

By 5 Mins Read



Whistleblower on Alleged Securities Violations Sues Fidelity Investments | Texas Lawyer
















Page Printed From:

https://www.law.com/texaslawyer/2024/05/09/now-were-bleeding-fidelity-accused-of-choosing-profits-over-clients-interests/

Fidelity Investments Inc. office in Washington, D.C. Credit: JHVEPhoto/Adobe Stock

NEWS

Michael Maeker’s complaint cites numerous examples of how he was allegedly pressured, and how he resisted upper management’s alleged demands that he convince certain wealthy clients to change their position.

May 09, 2024 at 04:32 PM

5 minute read

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

What You Need to Know

  • A former high-ranking Fidelity Investments financial adviser alleges he was fired for reporting a company policy prioritizing Fidelity profits over clients.
  • The whistleblower complaint alleges financial advisers are pressured to violate state and federal regulations.
  • The complaint alleges advisers are to steer clients toward investments that best benefit Fidelity regardless of clients’ best interests.

A once highly regarded Fidelity Investments financial adviser who alleges he was fired for reporting a company policy prioritizing Fidelity profits over clients’ best interests is suing in federal court.

The lawsuit, spotted on Law.com Radar, comes from Michael Maeker, who worked at Fidelity for 26 years and came up through the ranks to become a “vice president/financial consultant for ultra-high-net-worth clients,” the complaint states.

You Might Like

4 minute read

2 minute read

3 minute read

4 minute read

More From ALM

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now

Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now

Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now


September 18, 2024 – September 19, 2024
Dallas, TX

Join General Counsel and Senior Legal Leaders at the Premier Forum Designed For and by General Counsel from Fortune 1000 Companies

Learn More


October 15, 2024
Dallas, TX

The Texas Lawyer honors attorneys and judges who have made a remarkable difference in the legal profession in Texas.

Learn More


May 15, 2024
Philadelphia, PA

The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.

Learn More

We are seeking an associate to join our Employee Benefits practice. Candidates should have three to six years of employee benefits experienc…

Apply Now ›

Associate attorney position at NJ Immigration Law firm: Leschak & Associates, LLC, based in Freehold, NJ, is looking for a full time ass…

Apply Now ›

Duane Morris LLP has an immediate opening for a senior level, highly motivated litigation associate to join its dynamic and growing Employme…

Apply Now ›


04/15/2024
Connecticut Law Tribune

MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS

View Announcement ›



Share.

Related Posts

Exit mobile version