Violation Tracker Individual Record

Company: 
Charles Schwab & Co., Inc.
Current Parent Company: 
Charles Schwab Corp.
Penalty: 
$2,800,000
Year: 
2011
Date: 
January 31, 2011
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

Charles Schwab agreed to pay $300,000 to the state and $2.5 million compensation to investors, in settlement of allegations it failed to reasonably supervise its agents and failed to enforce procedures to ensure its YieldPlus Fund complied with securities laws.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Connecticut Securities and Business Investments Division
Civil or Criminal Case: 
civil
Facility State: 
Connecticut
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.