© Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) on Monday said it charged three Charles Schwab (NYSE:) Corp investment adviser subsidiaries with failing to disclose less profitable fund allocations.
Without admitting or denying the SEC’s charges, the subsidiaries will pay $187 million to settle the charges, the SEC said in its order.