The Charles Schwab mess
Million-dollar fines are evidently a cost of doing business, business as usual at too-big-to-fail trillion-dollar companies.
With the relative amounts of fines imposed, no prison time and no proof beyond a reasonable doubt, SEC is apparently toothless against the Too-Big-To-Fail and ruthless against smaller or mid-sized brokers.
Schwab Faces Cash Sweeps Suit Alleging Elder Financial Abuse
The complaint is among many accusing firms of paying unreasonably low interest on cash sweep balances.
Dinah Wisenberg Brin
Charles Schwab to pay $187 million to settle SEC charges that it misled robo-advisor clients on fees
The Securities and Exchange Commission alleged the firm didn’t disclose a “cash drag” to clients of Schwab Intelligent Portfolios.
Greg Iacurci
Ex-Schwab Advisor Suspended for Alleged Undisclosed Profit-Sharing, Unauthorized Trading
Ex-Schwab Advisor Suspended for Alleged Undisclosed Profit-Sharing, Unauthorized Trading
The Wealth Advisor
$63,100,000 Penalty Hits 12 Financial Giants, Including Charles Schwab and Santander, As SEC Issues Major Enforcement Action - The Daily Hodl
The U.S. Securities and Exchange Commission (SEC) is set to collect $63.1 million in fines from nine investment advisers and three broker-dealers over the use of unapproved communication methods.
Henry Kanapi
Schwab, Blackstone Among Firms Paying $63M To Settle SEC Texting Charges
The regulator found firm employees were using unapproved texting apps for business and failing to archive the communications. It follows earlier settlements made with large firms like Bank of America, Morgan Stanley, LPL and Raymond James.
Patrick Donachie
Schwab’s $200 million charge suggests additional scrutiny for online brokerages
The potential action on one of the largest digital investment platforms sheds light on the increasing need for transparency among automated advice providers.
Nicole Casperson