Eight former Fidelity Investments employees are to pay more than $1 million, in all, to settle Securities and Exchange Commission charges that they improperly accepted gifts paid for by brokers courting Fidelity's business, the agency has announced.

The eight were among 13 named in the agency's investigation, which found that Wall Street brokers allegedly plied traders at Fidelity with $1.5 million of gifts, travel, and entertainment to obtain Fidelity's business from 2002 to 2004, the SEC said on Thursday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.