Tr?id=566623520170033&ev=PageView&noscript=1

FINRA Arbitrators Award Schwab Client $1.34 Million in Cryptocurrency Scam Dispute

Posted on October 2nd, 2026 at 12:57 PM
FINRA Arbitrators Award Schwab Client $1.34 Million in Cryptocurrency Scam Dispute

From the desk of Jim Eccleston at Eccleston Law

A Financial Industry Regulatory Authority (FINRA) Dispute Resolution Services arbitration panel awarded nearly $1.34 million in compensatory damages to a Charles Schwab & Co. Inc. client in a dispute involving wire transfers from an elderly client's trust account to cryptocurrency platform Okcoin.

The client filed the claim against Schwab in 2024, alleging negligence, breach of contract, violations of FINRA rules and breach of fiduciary duty, according to the FINRA arbitration award. Two arbitrators ruled in favor of the claimants, while a third dissented. According to InvestmentNews, the panel denied the claimants' request for attorneys' fees.

The client alleged that three wire transfers left the Schwab trust account and argued Schwab failed to safeguard customer assets and respond to signs of senior financial exploitation.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra arbitration, cryptocurrency scam, securities law, investment fraud, broker-dealer dispute

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.

LATEST NEWS AND ARTICLES

1790960250 Law
October 2, 2026
FINRA Arbitrators Award Schwab Client $1.34 Million in Cryptocurrency Scam Dispute

A Financial Industry Regulatory Authority (FINRA) Dispute Resolution Services arbitration panel awarded nearly $1.34 million in compensatory damages to a Charles Schwab & Co.

1790867615 Law
October 1, 2026
Prosecutors Target Multimillion-Dollar Investment Schemes Involving Promissory Notes

Federal prosecutors recently pursued two investment fraud cases involving promissory notes that caused combined investor losses exceeding $25 million.

1790789328 Law
September 30, 2026
SEC Approves FINRA Overhaul of Outside Business Activity Rules

The Securities and Exchange Commission (SEC) has approved FINRA's long-awaited overhaul of the rules governing outside business activities and private securities transactions by financial advisors.