Fidelity Investments announced that the SEC is considering bringing a civil action against Fidelity, "alleging violations of the Investment Advisers Act of 1940" in connection with an ongoing probe of gifts and gratuities extended by brokers to Fidelity's traders. Fidelity pledges cooperation with the SEC to resolve the matter and intends "to vigorously defend ourselves against any allegations that we believe are not supported by relevant facts and data," according to a news release. The company went on to reiterate that it took "prompt action to address violations of our policies and procedures" after an internal review uncovered those violations. Fidelity also noted that the Wells notice it received from the SEC's Boston district office isn't a formal allegation or proof of wrongdoing, said Anne Crowley, Fidelity spokeswoman. SEC spokesman John Heine declined to discuss the specifics of the case.