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HCR Wealth Advisors

This one is a doozy. A rep for the firm, which has around $1.2B AUM,”defrauded and misappropriated funds from clients from 2012-2016.“. HCR was censured and ordered to pay $328,912 to reimburse the client and $200,000 to the SEC as a civil penalty. HCR used Schwab and TD Ameritrade to custody and clear. They have not filed a supplemental ADV to notice their clients of a change in custodians. I reached out to the company by email and phone and they did not respond. It would appear they were not forced off the trading platforms and that they are still using the now combined entity to custody.


if you review the SEC v Schwab case wherein Schwab was busted for not filing Suspicious Activity Reports, you will see examples of actions that small AUM RIA’s purportedly took that resulted in Schwab terminating the contract, and notifying all the RIA clients of such action. None were as egregious as this.


Investigate for yourself. The evidence is clear. If you are a small AUM RIA there is no lifeboat for you on the Schwab ship.

Visit my website at https://www.smalladvisorsunite.com


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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.

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!!!

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’

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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