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Charles Schwab Wins FINRA ARS Case
Charles Schwab Corp., from the get-go, said that, as a "downstream" firm, it had done nothing wrong in selling auction-rate securities. If anyone is to blame, it's the underwriters. And finally, in mid-February, FINRA delivered good news to Schwab, advising that it would not bring disiplinary action against the firm.
With that, Schwab's fight that began in August 2009 with a civil complaint, and was followed by a November 2009 FINRA Wells notice, finally died a relatively quiet death. FINRA withdrew the case.
Charles Schwab disclosed the development in its annual report, filed with the SEC on Friday. Receipt of the 2009 Wells notice had been reported. But Schwab never waivered.
A civil complaint against Schwab filed in August 2009 by then-New York Attorney General Andrew Cuomo is still pending. That complaint alleges Schwab misrepresented the risks of ARS to customers.
Aside from the threatened FINRA action, the New York complaint is the only regulatory action Schwab has faced regarding ARS. [Investment News, 2/28]
C-I Note: Kudos to Schwab's Legal and Compliance staffs.
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