Investment giant Fidelity's Sarbox problem

Fidelity Investments, the mutual fund and brokerage behemoth, is privately held, so Sarbanes-Oxley does not apply. But two employees have invoked the law's whistleblower protection clauses as they lodged charges about the way the firm conducts business. Their cause has been taken up by some consumer activists, notably the Consumer Federation of America, notes the Boston Globe. They have asked the SEC to apply Sarbanes-Oxley's whistle-blower protection rules to fund firms. Activists note that whistleblowers have brought previous scandals to light. A good example is Peter Scannell, who brought improper trading at Putnam Investments to light. The reality is that Sarbox whistleblower protection, as we know, hasn't helped many whistleblowers.  

For more:
- here's the Boston Globe article

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