- Report: #547439
Complaint Review: Charles Schwab & Company - Atlanta Georgia
Reported By:
DEH -
atlanta, Georgia, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Charles Schwab & Company
1100 Abernathy Road, Suite 500 Atlanta, 30328 Georgia, United States of America
Phone:
(800) 435-4000
Web:
Categories:
Business Rating:
(0)
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Charles Schwab & Company The brokerage firm allowed its employee to give outsiders secured access to empty my new account Atlanta, Georgia
June of 1992, I opened a trading account with $35,000 at Charles Schwab and Company in Atlanta, GA. When I did not get my first month's statement, even though I had not placed any trades either, I called the office to learn someone else (not me) had used my security codes to change my address and phone number, and empty over 95% of my funds via either bad trades or mailed checks ordered from Schwab to the new address. The only one who had teh codes was the officer who helped me open the account. Little did I know then that the Schawab employee was a partner in crime with the person who recommended me to Charles Schwab. Charles Schwab claimed no responsibility for their employees actions of disclosing my security codes to outsiders, nor not attempting to follow up with me on immediately requested address and telephone number changes.
Atlanta Police detectives investigated the new address and arrested the thief residing at the new address where my money was ordered to be sent. It was the guy Renny Robinson who recommended Schwab to me. Attorneys told me I should sue Schwab for my money back and damages, and for a retainer of $10k they would start the case, but all my money at the time was already gone in the theft, so I did not sue. The detectives said they had a strong case to put the thief, and possibly the Schwab conspiring employee away in jail for a long time, but I could not count on getting my money back. RR made bail and contacted me, promising to pay back the stolen money via a note in monehly payments over 2 years if I would drop the charges I had against him. The attorneys advised I take the note offer since I could not afford the legal battle, and I at least had a chance to recover some of the money. So out of desperation, I dropped the charges. Renny Robinson made 4 payments and I never saw any more. He later moved to Pensacola, Florida, where he had 3 sons, and where I understand he later hood-winked others.
I was wronged as a client at Schwab's convenience, and they left me in the cold to rot while they denied any responsiblity for hiring the account crook that they employed and who opened my $35k account there. Moral of the story, Charles Schwab and Co, and all of its Personnel department, had, and therefore still have, no conscious for the little investor client and his money's safety.
