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Former Fidelity Trader Sentenced to Probation

February 11, 2004|From Reuters

A former Fidelity Investments trader has been sentenced to three years of probation for defrauding the nation's No. 1 mutual fund firm in an options trading scheme, the U.S. attorney's office in Boston said Tuesday.

Thomas Connolly, 42, was accused of engaging in the scheme in 2001 with colleague Richard Callipari and reaping $2.39 million at Fidelity's expense, U.S. Atty. Michael Sullivan said in a statement.

Connolly, who pleaded guilty to federal wire fraud charges in May 2001, worked on Fidelity's index options desk in Boston in 1997 and made a number of unauthorized trades on the Chicago Board Options Exchange. He then sent the profits to an account managed by Callipari.

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