Defendant Name: Charles Schwab & Co., Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Charles Schwab Corporation
SIC Code: 6211
CUSIP: 80851310

Initial Case Details

Legal Case Name SEC v. Charles Schwab & Co., Inc.
First Document Date 02-Jul-2018
Initial Filing Format Civil Proceeding
Case Number 18-cv-03942
Allegation Type Broker Dealer
Federal District Court California, Northern District of California

Violations Alleged

Other
• Section 17(a), Rule 17a-8 Exchange Act

Resolutions

First Resolution Date 09-Jul-2018

Related Documents:

comp24189 02-Jul-2018 Complaint
Complaint
On July 2, 2018, the SEC filed a complaint against Charles Schwab & Co., Inc. ("Schwab"), stating that "In 2012 and 2013, Schwab violated Exchange Act 17(a) and Rule 17a-8 by failing to file Suspicious Activity Reports ("SARs") on suspicious transactions by independent investment advisers ("Advisers") that Schwab terminated from its custodial platform. Schwab terminated the Advisers for engaging in activity Schwab determined violated its internal policies and presented risk to Schwab or its customers."
LR-24189 09-Jul-2018 Litigation Release
SEC Charges Charles Schwab with Failing to Report Suspicious Transactions
On July 9, 2018, the SEC issued a litigation release announcing that Charles Schwab & Co., Inc. ("Schwab") "agreed to settle charges that it failed to file Suspicious Activity Reports (SARs) on the suspicious transactions of independent investment advisers that it terminated from using Schwab to custody their client accounts."
court_doc11_18-cv-03942 09-Jul-2018 Court Docket Document
Final Judgment As To Defendant Charles Schwab & Co., Inc.
On July 9, 2018, the District Court for the Northern District of California issued a final judgement against Charles Schwab & Co., Inc., enjoining Schwab from violating Section 17(a) of the Exchange Act and Rule 17a-8 thereunder, and ordering Schwab to pay a civil penalty of $2,800,000.