Posted by: Aaron Pressman on March 1, 2006
Fidelity Investments has suffered a few embarrassments over the past couple of years as its traders got caught taking expensive gifts, it had to replace managers on several of its biggest funds after poor performance and sales lagged many of its smaller rivals. In case that wasn’t enough, now the firm’s name is even being used by email scammers as a draw for potential suckers. The invaluable Fund Alarm web site (run by Roy Weitz) has posted a copy of a recent scammer’s email that claims to be from not a top Nigerian government official or the cousin of the deposed queen of a mythical Asian country, but from a non-existent Fido manager who claims to have secreted away $22 million by overcharging fund investors. Oy vey, can it get any worse?