Jefferies & Company, Inc. reached a settlement with the SEC and NASD "relating to the activities of a former employee who was dismissed by Jefferies & Company in 2004."  The company’s SEC EDGAR  filing states that "[t]he Company has previously reserved 100% of the approximately $10.3 million in aggregate of disgorgement, pre-judgment interest and penalty assessed in these proceedings." The WSJ explains further saying that the money was paid "to settle allegations" related to a trader giving lavish gifts "to Fidelity Investments to win mutual-fund trading business."

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