Defendant Name:
Charles Schwab & Co., Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Charles Schwab Corporation
SIC Code:
6211
CUSIP:
80851310
Document Reference:
34-102172
Document Details
Legal Case Name
In the Matter of Charles Schwab & Co., Inc.
Document Name
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
Document Date
13-Jan-2025
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$10,000,000.00
Shared:
