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Strategies & Market Trends : Ask DrBob
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To: ToTradeWell who wrote (81606)11/15/2003 11:04:31 AM
From: FLACK   of 100058
 
Nov. 14 (Bloomberg) -- Charles Schwab Corp.,

pioneer of the mutual fund supermarket, found evidence
of possible illegal customer trading in some of
the 3,000 funds it sells, and was subpoenaed
by New York State Attorney General Eliot Spitzer.

Schwab, which started selling other firm's mutual funds
in 1992, is at least the ninth company drawn into
the widening probe of the $7 trillion mutual fund
industry. The discovery is an embarrassment for
a firm that ran advertisements making fun of tainted
equity research from Wall Street that forced
10 securities firms to pay $1.4 billion to settle
claims they misled investors.
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