Feb 21, 2013: FINRA announced today that a Hearing Panel issued a Decision in the case of FINRA's Department of Enforcement v. Charles Schwab & Co., Inc. In doing so, the Hearing Panel dismissed two of three causes of the action against Schwab, and found for Enforcement on the remaining cause. The Panel imposed a fine of $500,000 and ordered that Schwab take specific corrective action. The Panel Decision was issued today (2/21/13) and is not final. It may be appealed by either party, or it may be called for review by FINRA's National Adjudicatory Council. I don't know how the case will finally end, but the ending will be very significant to the industry and investors.
The Hearing Panel Decision is about 49 pages long, and takes some time to go through. Here's my attempt at a down and dirty summary based on a quick review (links to the press release and the decision itself are above, so you can access the documents yourself if you are interested):