Schwab and Judith Zabalaoui

This is a doozy. Starts back in 1974 when Judith Zabalaoui founded Resource Management in Metairie, La. Apparently she left the firm in 1991, according to a 2009 Financial Advisor article, but the exact date of her departure, if she left at all, is unknown. Her son Michael was left behind as the Executive VP and still is. Judith was convicted of a Ponzi scheme, ordered to pay restitution of $5M and sentenced to prison. When the Ponzi scheme started is again unknown. What is known is the firm custodied with Schwab when Judith was in charge and custodies with Schwab still. They have $1.7B AUM

So, tell me why did Schwab terminate the contract of the small AUM RIA in Minnesota for putting his clients in the local small cap fishery stock, that everyone in town wanted a piece of? The reason Schwab gave the poor RIA was “excessive concentration in penny stocks”

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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’

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.