Schwab Allowed Unregistered Adviser, Mass. Regulator Says

Law360 (July 21, 2021, 8:25 PM EDT) -- The Office of the Secretary of the Commonwealth of Massachusetts filed an administrative complaint Wednesday against Charles Schwab & Co. alleging it engaged in unethical and deceptive acts that allowed an unregistered investment adviser to collect $125,000 in advisement fees over a number of years.

The complaint against Schwab and James P. O'Connell alleges violations of Massachusetts state laws and the Massachusetts Uniform Securities Aat, and says that Schwab failed to have proper policies and procedures in place that would prevent unregistered investment advisers from operating on its platform.

O'Connell is accused, among other things, of providing investment advice while not...

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