Charles Schwab, which is planning to expand in North Texas, will pay a $95,000 fine to the state for failing to verify that certain individuals involved with client accounts were registered as investment advisers, the Texas Securities Board said Monday.
The firm also will pay $30,000 separately to the state’s Investor Protection Trust, a nonprofit that helps educate investors.
“Fines are not negotiated or imposed based on the size of the entity. It’s based on the violations,” Texas Securities...
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