Charles Schwab & Co. agreed Tuesday to pay $350,000 to settle charges that it permitted investment advisor customers to alter mutual fund orders after the closing bell.

The Securities and Exchange Commission , which brought the charges and announced the settlement, said that by allowing post-close changes, the firm "created an unacceptable risk that certain customers would be disadvantaged." However, the Commission did not find that Schwab entered into any improper agreements or sought to circumvent internal controls. It was the possibility for abuses that wound up costing the firm.

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