The Florida Office of Financial Regulation (OFR) issued a Final Order on March 26, 2012, against Charles Schwab & Co, Inc., including a $1.1 million fine, for the distribution of inaccurate descriptions of preferred equity securities, municipal bonds and corporate bonds to customers from 2008 to 2011.
Additionally, the OFR examination concluded that Schwab did not have proper supervisory procedures in place to handle this matter. Schwab was also required to submit a corrective action plan that included amended operational and supervisory procedures. This OFR investigation began in May, 2010, after receiving a complaint from a consumer.
“Investors trust the information they are given by large, well-known organizations that handle money, such as Schwab,” said OFR Interim Commissioner Linda Charity. “The information provided to consumers here was inaccurate and Schwab has been held accountable for their actions. I commend our securities staff for their hard work and diligence in righting this wrong.”
If you were a client of Charles Schwab & Co., and felt you were given inaccurate securities information by your broker/financial advisor, you may have a potential claim for recovery. Call Soreide Law Group for a free consultation with an attorney: 888-760-6552.
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