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Schwab Gets Mutual Fund Inquiry

May 19, 2004 | Federal and state prosecutors have contacted a unit of Charles Schwab regarding improper mutual fund trading.

The U.S. attorney's office in San Francisco and the West Virginia attorney general are investigating market timing and late trading of mutual funds at U.S. Trust. The inquiries were revealed late Tuesday in a regulatory filing from Excelsior Funds.

In November, Schwab, the nation's leading discount broker, revealed that the Securities and Exchange Commission and New York Attorney Eliot Spitzer were investigating incidents of short term trading of U.S. Trust's Excelsior Funds.

U.S. Trust is an investment-management subsidiary of San Francisco-based Schwab.

At that time, Schwab said it was also looking at a "limited number" of instances at the company in which fund orders may have been entered or processed after the stock market's 4 p.m. closing time, in violation of Schwab policies.

Schwab is cooperating with the investigation, according to the Tuesday regulatory filing.

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