Washington (Sept. 16, 2004) -- Charles Schwab & Co. Inc. agreed to pay $350,000 to settle charges by the Securities and Exchange Commission that it permitted some investment advisor customers to alter mutual fund orders after the market close.

The SEC charged that, on hundreds of occasions from January 2001 until October 2003, Schwab allowed certain investment advisor customers to change their orders after the 4:00 p.m. Eastern time market close, "creating the risk that such customers could unfairly capitalize on late-breaking news at the expense of other mutual fund investors."

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