FINRA orders Charles Schwab to pay $1.34 million to family of crypto fraud victim
- —FINRA ordered Schwab to pay $1,339,822 to the family of an 82-year-old client
- —The victim lost nearly $1.7 million through three transfers to Okcoin over three days
- —Researchers were able to recover only about $350,000 of the lost sum
- —Schwab refused to accept liability and said it disagrees with the award
Why it matters: The precedent strengthens requirements for brokers to detect financial exploitation of elderly clients in crypto transfers.
Source: DiarioBitcoin