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

I am so glad I found you! Wow! I appreciate your help, concern and guidance.

RB

LATEST NEWS AND ARTICLES

1792610544 Law
October 21, 2026
FINRA Fines and Suspends Former LPL Broker Over Undisclosed Customer Settlement

The Financial Industry Regulatory Authority (FINRA) fined former LPL Financial broker Gregory W.

1792523173 Law
October 20, 2026
FINRA Orders American Portfolios to Pay $1.6 Million Over Unit Investment Trust Supervision Failures

The Financial Industry Regulatory Authority (FINRA) has ordered American Portfolios, the broker-dealer later absorbed into Osaic, to pay more than $1.6 million in restitution and fines over failures to supervise financial advisors who repeatedly recommended that customers sell unit investment trusts (UITs) before maturity.

1792432258 Law
October 19, 2026
FINRA Bars Former LPL Broker Over Alleged $1.7 Million Customer Theft

The Financial Industry Regulatory Authority (FINRA) has barred former LPL Financial broker Rudy Anguiano after finding that he converted more than $1.7 million from two customers, according to AdvisorHub.