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Schwab Receives Wells Notice For Mutual Funds

By Mark H. Astarita, Esq.

In an 8-K filed today, Charles Schwab Corp. disclosed that it has received a Wells Notice from the SEC. Accordign to the filing, the Company has been responding to civil litigation claims and regulatory investigations regarding two fixed income mutual funds, the Schwab YieldPlus Fund(R) and the Schwab Total Bond Market Fund(TM). The Wells Notice reflects that the SEC staff intends to recommend the filing of a civil enforcement action against Schwab Investments, Charles Schwab Investment Management, Charles Schwab & Co., Inc. and the president of the funds for possible violations of the securities laws with respect to the two funds. A Wells Notice is a device used by the SEC to advise a prospective defendant that the Staff is going to make a recommendation to the Commission to commence proceeding...continue to full post

Full post as published by SECLaw.com on October 15, 2009 (boomark / email).