On January 13, 2025, Charles Schwab was part of a group of 12 firms that reached a $63.1 million settlement with the Securities and Exchange Commission (SEC). Schwab's portion of the fine is $10 million.
The settlement addresses allegations that the firms failed to properly keep records of communications made through unapproved methods. These failures involved personnel at multiple levels, including supervisors and senior managers.
A Schwab spokesperson stated the company is pleased to resolve this matter and remains focused on delivering client service. The SEC emphasized that compliance with recordkeeping requirements is crucial for market transparency and integrity.
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