A financial advisor in Denver who works for Charles Schwab last month pleaded not guilty to two felony counts related to a domestic violence dispute.
Terrance L. Hayes was arrested April 20 and charged with two felonies, assault with a deadly weapon and menacing with a real or simulated weapon, according to case information posted in the Denver County Court’s website.
According to FINRA’s BrokerCheck profile of Hayes, he has pleaded not guilty to both charges.
Hayes has been registered in a suburb of Denver with Charles Schwab & Co. Inc. since September 2023 and Schwab Wealth Advisory Inc., a registered investment advisor, since October, according to his BrokerCheck report.
Prior to working at Schwab, he was registered for several months starting in 2021 with First Command Brokerage Services Inc. From 2017 to 2021, Hayes was an officer in the Marine Corps, according to his BrokerCheck report.
Hayes’ attorney, Jacob E. Martinez, did not return a call Tuesday morning to comment.
A Schwab spokesperson on Tuesday said in an email said that the company does not “publicly disclose information about current or former employees in order to maintain workplace privacy.”
Hayes posted a bond of $5,000 on May 1, according to case information on the Denver County website.
Industry news website CityWire last week previously reported the charges against Hayes, 31. He also faces an assault charge, which is classified a misdemeanor, according to case information.
While the #MeToo movement a decade ago began focusing on sexual misconduct and charges in Hollywood and Washington, the financial advice industry faces its fair share of sexual misconduct charges and fears.
According to a 2019 InvestmentNews article, nearly 80% of financial advisors in a survey said sexual harassment is a problem in the financial advice industry, and more than 60% of the 345 participants in the survey were male.
Three in 10 advisors said they'd personally experienced sexual harassment — including assault, unwanted contact or requests, or suggestive remarks or messages — in the workplace. Five in 10 said they'd witnessed or experienced sexual harassment in the industry at least a couple of times.
In the 1990s, female employees of brokerage Smith Barney Inc. filed the famed "Boom-Boom Room" class-action lawsuit, which alleged sexual harassment and pay discrimination, and exposed the male-centric, locker-room culture pervasive on Wall Street.
The lawsuit, in which Smith Barney paid $150 million in arbitration awards and settlements, prodded the industry to clean up its act and institute programs like sexual harassment training, according to discrimination attorneys.
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