Jefferies giveth and Jefferies taketh away. The investment bank best known for showering Fidelity Investments traders with $2 million in gifts (trips to Vegas, rooms at the Bellagio, $38,000 Wimbledon seats, $625 bottles of Chateau Petrus, $75,000 bachelor parties, etc) has taken action against the veteran equity chief who harmlessly allowed the small trinkets to be shared. Scott Jones, who’d been with the firm for twenty-four years and was in the midst of a three-month suspension, is being put out to pasture for failing to supervise underling Kevin Quinn, who wrapped and delivered most of the presents (esp. the strippers) to Fidelity traders himself. One source told the NYP,
"[Jefferies] could not really be seen as accepting that [the] equity division chief was not allowed to be involved in the day-to-day running of the unit, but they couldn't kick one of the original members of the firm to the curb, either."
Put that way, another vet said, "The writing was clear: Major firms don't have key employees just ride out suspensions. If you get nailed, you are usually fired on the spot. So his retirement was a classy way of handling things without lawsuits and further embarrassment."
According to Jefferies, of course, Jones is leaving on his own terms, having "decided to retire while serving his suspension." Just as well—we think he’d find Roth Capital Partners more to his liking.
JEFFERIES' 'PARTY' BOSS GETS THE BOOT [NYP]