The Massachusetts securities division has reportedly filed an administrative complaint against Fidelity Brokerage Services alleging the firm allowed unregistered individuals to act as investment advisors.

According to FA-Mag.com, the securities division complaint alleges that Fidelity allowed more than a dozen unregistered individuals to use trading authorization on customer accounts. “One such individual was paid $732,000 over 10 years.”

Furthermore the complaint alleges that this went on for at least a decade and affected more than 300 accounts.

FA-Mag reports, “Fidelity’s own procedures require the termination of a trading authorization if an individual “appears to be conducting advisory business … but is not registered with the SEC or at least one state,” the complaint says, citing Fidelity’s policy.

It is unclear if Fidelity violated any securities law.

The foregoing information, which is publicly available here, is being provided by The White Law Group.

If you believe you suffered losses investing with Fidelity Brokerage Services at the hands of an unregistered investment advisor and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.