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Violation Tracker Individual Record

Company: Charles Schwab & Co., Inc. et al.
Current Parent CompanyCharles Schwab Corp.
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $8,567,364
Year: 2011
Date: January 11, 2011
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc. agreed to pay $700,000 to the Investor Eduction Fund and provide $7,867,364 in restitution to investors in settlement of allegations they improperly marketing their YieldPlus Fund by misrepresenting the risk and suitability, and violated the fund's policy by concentrating investments in mortgage-backed securities.
Level of Government: state
Action Type: agency action
Agency: Illinois Secretary of State-Securities
Civil or Criminal Case: civil
Facility State: Illinois
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data(click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.