Charles Schwab subsidiaries to pay $187 million to settle SEC charges

2022.06.13 16:46

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) on Monday said it charged three Charles Schwab (NYSE:SCHW) Corp investment adviser subsidiaries with failing to disclose less profitable fund allocations.

Without admitting or denying the SEC’s charges, the subsidiaries will pay $187 million to settle the charges, the SEC said in its order.

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