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Short Take: NYSE fines Schwab $250,000

Charles Schwab agreed to pay a $250,000 fine today for not properly documenting new accounts opened over the telephone, the company said. In 1995, Schwab began a pilot project to include taking phone orders and in 1998, noticed some errors in its procedure on recording new accounts. Schwab executives reportedly turned the evidence in to the New York Stock Exchange.

Charles Schwab agreed to pay a $250,000 fine today for not properly documenting new accounts opened over the telephone, the company said. In 1995, Schwab began a pilot project to include taking phone orders and in 1998, noticed some errors in its procedure on recording new accounts. Schwab executives reportedly turned the evidence in to the New York Stock Exchange.