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Charles Schwab & Co. (NYSE: SCHW) agrees not to file reports on suspicious transactions of independent investment advisors that she terminated using Schwab for the custody of their accounts receivable, according to the US Securities and Exchange Commission.
SEC's complaint alleges that Schwab dismissed 83 independent investment advisors in 2012 and 2013 for carrying on an activity that, according to Schwab, violated its internal policies and posed risks to Schwab or its clients.
Schwab failed to file suspicious activity reports on the 37th According to the SEC, 47 dismissed advisers that Shwab had reason to believe involved in suspicious transactions.
Under the settlement, Schwab will pay a civil penalty of $ 2.8 million.
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