ERD50
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
For a normal withdrawal, transfer, liquidation, etc., Fidelity requires the receiving bank account to have the same name. And they spend some time verifying this too, which is why adding a linked account online usually takes 10 business days.
For a wire transfer (not a liquidation) to another entity you have to fax in a form and they at least compare to your signature on file.
Agree, something doesn't sound quite right about what OP's friend told him.
+2 I can't recall with Fidelity, but I know with Vanguard (and I assume it is the same/similar), they require the name/s to match on the bank account, and they go through a verification process on that account before they will transfer money. And I get email updates on any of this activity.
Now, if the person was able to open a bank account with a name matching your Fidelity account (and maybe they could, if they already had your SS and other info?), maybe they could pull this off. But that is more of an identity theft issue than a lapse on Fidelity's part, I think. And I would be very concerned about the potential identity theft.
And unless they hi-jacked your email as well, you should be getting notices of this sort of activity.
-ERD50