Publicly available records provided by the Texas State Securities Board indicate that California-based broker-dealer firm Charles Schwab & Company has been sanctioned by the TSSB. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Charles Schwab & Company (CRD# 2657489).
Founded in 1971, Charles Schwab & Company is headquartered in San Francisco, California and registered with 53 US states and territories. Walter Bettinger II is President and CEO; Barbara Armeli is Investment Adviser Chief Compliance Officer; Scott Cook is Broker-Dealer Chief Compliance Officer; Joseph Martinetto is Chief Financial Officer; Charles Schwab is Chairman of the Board.
According to the firm’s BrokerCheck report, Charles Schwab & Company has received fifty regulatory sanctions and 258 customer complaints that evolved into arbitration.
According to the Texas State Securities Board (Order No. IC-CAF-16), Charles Schwab & Company has been sanctioned following allegations it violated Texas registration laws by failing to establish and maintain a supervisory system reasonably designed to achieve compliance with Texas securities laws. Specifically, the firm allegedly “failed to enforce written procedures to timely remove the authorization of powers of attorney who appeared to be in violation of Texas registration laws and allegations Schwab did not respond in a timely manner with an explanation that was consistent with Texas adviser registration laws.” The firm was issued a fine of $95,000.
If you have lost money investing with Charles Schwab, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recover lost funds. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.