A financial adviser for an investment firm has found himself in hot water after he invested money into a company that was a “charitable cause.”
Charlie Schwab says he never expected his investments in an Iowa company to turn into a legal mess.ABC News has learned that Charles Schwab has filed a complaint with the Iowa Supreme Court.
Schwab said he had invested $1,500 in a charitable organization in the past year.
He said he was hoping for a donation to help people who were battling cancer.
But the money was spent on a company called “Charitable Investment Fund,” a nonprofit that is not affiliated with Schwab’s firm.
He said in an interview he is not a lawyer, and he declined to give details about what happened to the money.
The complaint is part of a larger civil case involving Schwab that has been filed with the Federal Election Commission.
It alleges that Schwab violated Iowa law by buying and selling stock and stock options.
Schwabs lawyers say he is in the process of filing a response.
Schwab said in the interview he plans to use the money to help the organization in its fight against cancer.