Fidelity Investment Association is one of the largest U. S. "thrift plans." has sold $600,000,000 worth of its contract certificates on the installment plan in its history. Shortly before Christmas SEC charged Fidelity with something less than fidelity to its 60.000 investors. Publishing untrue statements, not maintaining required statutory reserves, writing up book value of securities, using investors' funds for the benefit of its officers—such were SEC's accusations (TIME, Dec. 26).
Fidelity's president, 68-year-old Carmi Alderman Thompson, onetime Treasurer of the U. S. (1912-13), protested bitterly. But rather than go through lengthy...
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