Violation Tracker Individual Record

Company: 
Charles Schwab Investment Management and Charles Schwab & Co., Inc.
Current Parent Company: 
Charles Schwab Corp.
Penalty: 
$118,000,000
Year: 
2011
Date: 
January 11, 2011
Primary Offense: 
investor protection violation
Violation Description: 

The Securities and Exchange Commission announced that Charles Schwab Investment Management and Charles Schwab & Co., Inc. settled allegations that they made misleading statements regarding the Schwab YieldPlus Fund and failed to establish, maintain and enforce policies and procedures to prevent the misuse of material, nonpublic information. The SEC also charged CSIM and Schwab Investments with deviating from the YieldPlus fund's concentration policy without obtaining the required shareholder approval.

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.