Defendant Name: Charles Schwab & Co., Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2025-6_3-22407

Document Details

Legal Case Name In the Matter of Charles Schwab & Co., Inc.
Document Name Twelve Firms to Pay More Than $63 Million Combined to Settle SEC's Charges for Recordkeeping Failures
Document Date 13-Jan-2025
Document Format Administrative Proceeding
File Number 3-22407
Allegation Type Broker Dealer
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Monetary Penalties:

Civil Penalty

Individual:     $10,000,000.00 Shared:    

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”)."