Violation Tracker Individual Record

Company: 
Charles Schwab & Co., Inc.
Current Parent Company: 
Charles Schwab Corp.
Penalty: 
$350,000
Year: 
2004
Date: 
September 14, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
securities issuance or trading violation
Violation Description: 

Charles Schwab & Co., Inc. agreed to pay $350,000 to settle allegations that it allowed investment adviser customers to change mutual fund orders after the 4:00 p.m. Eastern time market close, creating the risk that such customers could unfairly capitalize on late-breaking news at the expense of other mutual fund investors.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.