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Big AUM Advisors Get Protection


When I got inside the compliance castle at Charles Schwab I learned of several Billion Dollar RIA's that committed compliance violations, such as forging wire transfer forms, that were allowed to stay on the Schwab platform and for which no Suspicious Activity Report was completed. While another RIA was booted for swearing on a telephone call.

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SEC fines Schwab $187M

This company is despicable. Parades around on a white horse as the protector when in fact they are the destroyer. They have one goal - strip investors bare.

SEC slams Schwab

Read today’s SEC action against Schwab. They were fined $187M for egregious behavior. They lied to their clients. Maybe they should be kicked off their own platform!!!

Stephen Albert Greco

Aka David - just threw a rock at Goliath. He filed a lawsuit against Schwab and others . He used a phrase - “Silencing and Retaliation Scheme”. Schwab is a corporate bully out to destroy small RIA’

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Broker Dealers seem quite casual, if not indifferent, to informing RIA clients that they have terminated the contract with their advisor. Almost like telling a motorist he left his car lights on. Broker Dealers refer to these individuals as account holders, while RIA's refer to them as clients. If you ask a compliance person at a Broker Dealer how the recipients of the notice of termination are likely to "feel" after receiving notice, they will show you that they have not given the matter much thought, and really don't care. 

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