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Fidelity Bank To Pay $3.5M Settlement

Sep 22, 2014 | Reprints | Unlock Link | Print

Fidelity Bank will pay a $3.5 million settlement with Secretary of State William F. Galvin’s office, according to the Boston Globe, following allegations it allowed TelexFree Inc., a Marlboro-based business accused of operating a billion-dollar pyramid scheme, to open accounts at the bank without properly reviewing the business.

The bank "neither admitted to nor denied the allegations," according to the Boston Globe.

Fidelity Bank’s President John F. Merrill was subpoenaed earlier this year in connection with the investigation of TelexFree Inc. The business was co-owned by Merril’s brother, James M. Merrill.

TelexFree previously had deposited millions of dollars at Fidelity Bank, which was why the division wanted to question John F. Merrill.

The civil complaint against TelexFree accuses the company of violating the Uniform Securities Act and specifically of targeting the Brazilian-American community.

Banking & Lending