Federal regulators are investigating whether traders at Fidelity Investments improperly steered business to siblings working at brokerage firms, The Boston Globe reported yesterday...

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BOSTON — Federal regulators are investigating whether traders at Fidelity Investments improperly steered business to siblings working at brokerage firms, The Boston Globe reported yesterday.

A broad investigation into potential conflicts of interest in the mutual-fund industry includes examining a half-dozen traders at Boston-based Fidelity who may have siblings at brokerages and may have improperly done business together, The Globe reported. The newspaper cited lawyers and others familiar with the investigation whom it did not identify.

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Workers at brokerage firms receive commissions for finding buyers and sellers and helping to execute securities trades. But traders are supposed to act in the best interest of the shareholder, choosing brokers who offer the best service and prices — regardless of family relationships or gifts the brokerages might give them.

Fidelity spokeswoman Anne Crowley said the company does not ban employees from doing business with relatives but that its ethics code requires employees to place shareholder interests first.