A San Diego based Financial Industry Regulatory Authority (FINRA) arbitration panel awarded damages to the widow of San Diego resident Everett Ross as a result of losses sustained by the Ross family trust in the Charles Schwab YieldPlus Fund. The panel awarded the Ross family trust 100 percent of their net out of pocket losses of $157,498 plus expert witness costs and assessed the entire cost of the arbitration proceeding against Charles Schwab (SCHW).
“Although Charles Schwab recommended the purchase of the Schwab YieldPlus Fund Select Shares (SWYSX) and the Schwab YieldPlus Investor Shares (SWYPX) (the "YieldPlus Funds") as safe conservative cash alternatives to investors, the evidence established that the YieldPlus funds were over concentrated in toxic mortgage backed securities,” said the Ross’ attorney Ryan K. Bakhtiari.
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