NY AG Cuomo presses formal charges against Charles Schwab (SCHW), charging the discount...

|About: The Charles Schwab Corp... (SCHW)|By:, SA News Editor

NY AG Cuomo presses formal charges against Charles Schwab (SCHW), charging the discount brokerage firm for falsely representing auction rate securities as liquid, short-term investments without discussing the risks. Officials say they have recordings of a Schwab broker 'guaranteeing' a customer he'd be able to exit on the auction date.