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FINRA Panel Finds Major Brokerage Liable to Investors for Punitive Damages in Cherry-Picking Fraud Scheme Run by Outside Advisor
First-of-Its-Kind Ruling Holds Charles Schwab & Co., Inc. Liable to Investors for Facilitating and Concealing RIA Fraud; Skipp Cook and Raymond McCleary vs. TD Ameritrade, Inc., TD Ameritrade Clearing, Inc., and Charles Schwab & Co., Inc., FINRA Arbitration Case No. 23-03586
PRESS RELEASE
San Diego, CA – May 5, 2025 — In a decision set to reverberate across the financial industry, a FINRA Arbitration Panel has found Charles Schwab & Co., Inc., along with its affiliated clearing and custodial entities, liable to investors in a multi-year cherry-picking fraud scheme orchestrated by a third-party investment advisor.
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