Charles Schwab Fined $2.8 Million Over Reporting Failures

[appalachiablue]

Source: Reuters

Charles Schwab will pay a $2.8 million civil fine to settle Securities and Exchange Commission charges that it failed to file suspicious activity reports on questionable transactions by 37 investment advisers.

The fine was disclosed in papers filed Monday with the federal court in San Francisco, where Schwab is based, and requires a judge's approval.

Schwab was accused of violating the federal Bank Secrecy Act by failing to alert regulators to transactions of at least $5,000 that it suspected might be illegal or posed risks to the company or customers.

The SEC said the 37 advisers had overseen at least 6,500 Schwab subaccounts and more than $840 million in customer assets and were among 83 terminated from Schwab's platform in 2012 and 2013. More..


Read more: https://www.msn.com/en-us/money/companies/charles-schwab-fined-dollar28-million-over-reporting-failures/ar-AAzucg3

[elleng]

1. PERSONAL or CORPORATE Charles Schwab???

[sandensea]

4. Corporate, of course.

The real, living, breathing, farting, Charles Schwab hides behind the corporate one.

[elleng]

5. It should be stated in the article.

What's with 'msn.com???'

[sandensea]

6. Well, to quote Mitt Robmey:

[appalachiablue]

9. +1

"It's The American Way!" Lol.

[appalachiablue]

7. Another Reuters report with 'Charles Schwab Corp'. The piece

I posted doesn't have 'corp' in the title, and for LBN you must use the exact title of the article, for posting.

'msn.com' is Microsoft News, articles listed on my opening news page.

(Reuters) - Charles Schwab Corp will pay a $2.8 million civil fine to settle U.S. Securities and Exchange Commission charges it failed to file suspicious activity reports on questionable transactions by 37 investment advisers.

The fine was disclosed in papers filed on Monday with the federal court in San Francisco, where Schwab is based, and requires a judge's approval. http://wdez.com/news/articles/2018/jul/02/us-sec-fines-schwab-28-million-over-reporting-failures/

[elleng]

11. Thanks.

[still_one]

10. corporate. The personal Schwab is a R/W jerk who personally went to FLorida to lie and try to

frighten seniors about President Obama

http://www.tampabay.com/news/business/personalfinance/charles-schwab-warns-senior-investors-to-be-afraid-if-obama-is-re-elected/1256851

Though the company disavowed any association with Charles Schwab on this account, I encouraged people if they were looking for a discount broker they should check elsewhere


I left Schwab years before when they decided to charge me a maintenance fee keeping my retirement accounts with them, and went to Fidelity. Haven't regretted since.


They have since reversed that policy of charging a maintenance fee to account holders, I suspect because a lot of their current customers were not too happy about that, and I will give Schwab credit to being the first broker to offer low commission rates to the small investor. The big brokerage houses had been ripping off small customers with high brokerage commission and fees for decades, but I will never look upon him in a good way after the lies and distortion he spewed about President Obama

[Crutchez_CuiBono]

2. That doesn't raise a welt.

2.8 million is laugh out loud money for a settlement for C Schwab. Money the taxpayers and plaintiffs are owed.

[appalachiablue]

8. Just the cost of doin' bizness..

[Crutchez_CuiBono]

13. Basically right?

Probably insured for this amount. Painless to them.

[appalachiablue]

14. You know it. The way it is.

[mr_lebowski]

3. Why do I have the feeling this a total slap on the wrist and that someone(s) really should be going

to friggin JAIL for an obvious money-laundering operation, rather than Corporate paying off this piddling-ass fine?

[Wellstone ruled]

12. Wow,busted again.

Busted years ago for Penny Stock fraud,well it is only money. Nothing new.