Key Takeaways
- • Phil Arballo, a former Central Valley congressional candidate, filed a lawsuit in Santa Clara County Superior Court alleging Charles Schwab fired him from its Los Altos branch because he ran for Congress as a Democrat.
- • Arballo alleges branch manager Rob Boyd questioned him about undisclosed political campaigns within months of his September hiring, and he was terminated two days after that meeting.
- • Schwab called the allegations "unwarranted" in a statement and said it would respond in court.
- • The suit also alleges retaliation and disability discrimination, and seeks unspecified damages plus reinstatement.
Summary
Former congressional candidate Phil Arballo has sued Charles Schwab, alleging the brokerage fired him from its Los Altos, California, investment branch because he had run for Congress as a Democrat. The lawsuit was filed in Santa Clara County Superior Court, according to the Mercury News, and was reported in coverage from the East Bay Times as well.
Arballo ran for U.S. House seats in the Central Valley in 2020 and 2022. In 2020 he took 46% of the vote in California's 22nd Congressional District, losing to Republican Devin Nunes, who received 54%, according to election records. In the 2022 primary for the 13th District he received 17% and lost.
According to the lawsuit, Arballo returned to work as a financial advisor in late 2023 and was hired at the Los Altos branch in September of last year. Within a few months, branch manager Rob Boyd allegedly called him into a meeting with another Schwab employee present, asked why he had not disclosed his political bids, and referred to news coverage of his run against Nunes. Arballo told the outlet he did not believe his campaigns were relevant to his finance career. The suit says Boyd notified the Financial Industry Regulatory Authority that Arballo was let go over "personal conduct," and that Schwab terminated him two days after the meeting. Arballo says he was not given a reason at the time.
The lawsuit also addresses a 2023 online article alleging Arballo had worked for a pornography company. Arballo denied any involvement and said the allegation was a political move by an opponent. He said the topic came up in the meeting with Boyd, though he believed the questioning focused on his political activity.
Schwab, in a statement, called the allegations "unwarranted" and said it would respond in court. Boyd did not immediately respond to requests for comment. The complaint asserts wrongful termination, retaliation over political engagement, and discrimination based on a purported disability related to anxiety. Arballo, who is seeking unspecified damages and reinstatement, said that since his firing he has been unable to find new work, and that he must now disclose the termination to prospective employers.
Arballo ran for U.S. House seats in the Central Valley in 2020 and 2022. In 2020 he took 46% of the vote in California's 22nd Congressional District, losing to Republican Devin Nunes, who received 54%, according to election records. In the 2022 primary for the 13th District he received 17% and lost.
According to the lawsuit, Arballo returned to work as a financial advisor in late 2023 and was hired at the Los Altos branch in September of last year. Within a few months, branch manager Rob Boyd allegedly called him into a meeting with another Schwab employee present, asked why he had not disclosed his political bids, and referred to news coverage of his run against Nunes. Arballo told the outlet he did not believe his campaigns were relevant to his finance career. The suit says Boyd notified the Financial Industry Regulatory Authority that Arballo was let go over "personal conduct," and that Schwab terminated him two days after the meeting. Arballo says he was not given a reason at the time.
The lawsuit also addresses a 2023 online article alleging Arballo had worked for a pornography company. Arballo denied any involvement and said the allegation was a political move by an opponent. He said the topic came up in the meeting with Boyd, though he believed the questioning focused on his political activity.
Schwab, in a statement, called the allegations "unwarranted" and said it would respond in court. Boyd did not immediately respond to requests for comment. The complaint asserts wrongful termination, retaliation over political engagement, and discrimination based on a purported disability related to anxiety. Arballo, who is seeking unspecified damages and reinstatement, said that since his firing he has been unable to find new work, and that he must now disclose the termination to prospective employers.
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