Probe snares Fidelity legend

Peter Lynch once was a legend in the mutual fund industry. But the former manager of the Magellan fund, still a vice chairman, has been caught up in the soft-dollar probe that has been embarrassing for Fidelity. The New York Times reports Lynch is among 13 employees accused by the SEC of improperly accepting gifts in return for order flow. He was said to have asked Fidelity traders to get him tickets to 12 concerts and sporting events. He says he will pay back $16,000 plus interest. That's a pittance compared to others. One trader received $450,000 worth of gifts; brokers helped pay for a lavish bachelor party in Miami as well as a $1,300 humidor and 30 tickets to at least seven events, including the U.S. Open.

For more:
- here's the New York Times article

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