Charles Schwab Corporation was charged by the U.S. Securities and Exchange Commission on Monday with a settlement of $186.5 million for not disclosing to customers that it was allocating client funds in a way that would be less profitable for them under most market conditions, according to a news release.
Three Charles Schwab investment adviser subsidiaries will pay the money to harmed clients to settle the charges.
According to the SEC, from March 2015 through November 2018, Schwab’s (NYSE:…
