Schwab Strikes $2M Settlement With Parish Investors

Law360, New York (June 3, 2011, 5:03 PM EDT) -- Charles Schwab & Co. Inc. struck a $1.95 million settlement in South Carolina on Friday with a class of investors who accused the investment firm of enabling Ponzi schemer Albert Parish to obtain money from their retirement accounts through his investment vehicle Battery Wealth Management Inc.

The plaintiffs filed suit in 2007, claiming Charles Schwab permitted Parish, through Battery Wealth, to have power of attorney over their retirement accounts and discretionary authority to transfer funds from these accounts in order to purchase unregistered securities marketed and...
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