- Summary:
- Charles Schwab & Co. Inc. ordered to pay $347,000 to Laguna Financial Group
- Former chief compliance officer of the firm secretly established her own business to compete with LFG while still working at LFG
- The three-person Financial Industry Regulatory Authority Inc. arbitration panel found Schwab liable for $200,000 in compensatory damages, $47,001.12 in costs and $100,000 in attorneys’ fees
“Finra arbitrators ordered Charles Schwab & Co. Inc. to pay $347,000 to the owner of a registered investment advisory firm for allegedly helping a former official of the RIA lure millions of dollars of assets to her own advisory firm.”