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Schwab Sued Again

Schwab is getting sued again this time a class action coming right after an SEC investigation. All about their latest pick pocket maneuver of generating revenue through cash sweeps. The SEC pulled the cover off and now investors are coming. What will happen next - Schwab will revert back to the visible and transparent way of charging commissions for trades and fees to RIA’s. Then they will do what I have been warning about all along - get rid of small AUM RIA’s.

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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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