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 In the Matter of Charles Schwab & Co., Inc.
First Document Date 13-Jan-2025
Initial Filing Format Administrative Action
File Number 3-22407
Allegation Type Broker Dealer

Violations Alleged

Other
• Failure to supervise under Section 15(b)(4)(E) Exchange Act

Resolutions

First Resolution Date 13-Jan-2025
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-102172 13-Jan-2025 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 13, 2025, the SEC instituted settled administrative and cease-and-desist proceedings against Charles Schwab & Co., Inc., stating: "These proceedings arise out of the failure of Respondent’s personnel, including at senior levels, to adhere to certain of these essential requirements and Respondent’s own policies and procedures. Using their personal devices, these personnel communicated both internally and externally by text messages, and/or other unapproved written communications platforms, such as LinkedIn and Facebook Messenger (“off-channel communications”)."
2025-6_3-22407 13-Jan-2025 Press Release--Administrative Proceeding
Twelve Firms to Pay More Than $63 Million Combined to Settle SEC's Charges for Recordkeeping Failures
On January 13, 2025, the SEC "announced charges against nine investment advisers and three broker-dealers for failures by the firms and their personnel to maintain and preserve electronic communications, in violation of recordkeeping provisions of the federal securities laws."