<Charles Schwab>Securities Class Action Certified

Charleston, SC: A federal court has certified a class action lawsuit brought by Ponzi scheme victims alleging that Charles Schwab & Co Inc, is liable for violations of the South Carolina Uniform Securities Act of 2005. The class action arises out of an alleged Ponzi scheme orchestrated by former Charleston Southern University economics professor, Al Parish. Parish has been ordered to pay victims $66 million in restitution and is currently serving a twenty-four year sentence in the Federal Correctional Complex in Butner, NC, where Bernie Madoff is also imprisoned.

The class, as certified, includes all those who held IRA and other investment accounts with Schwab and invested in any Parish Investment Vehicle through the brokerage and custodial services provided by Schwab. Class claims are based on Schwab's alleged role as a broker-dealer in materially aiding the sale of securities and as a control person of those liable under the Act. At least 53 individuals residing in 13 states are believed to be class members.

Because of a previous ruling limiting discovery in the case to class-certification issues, the order effectively reopens the discovery process, broadening its scope to all facts relevant to the case's merits. The order also resolved, in the plaintiffs' favor, a key area of disagreement between the parties as to the elements of proof for certain claims.

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