Key Takeaways
- • Phil Arballo, a former Charles Schwab investment consultant in Los Altos, filed a lawsuit in Santa Clara County Superior Court alleging he was fired because he ran for Congress as a Democrat, according to the complaint.
- • The lawsuit names Schwab and branch manager Rob Boyd, alleging wrongful termination, retaliation over political engagement, and discrimination over a purported disability (anxiety).
- • Schwab called the allegations "unwarranted" and said it would respond in court; Boyd did not immediately respond to requests for comment.
- • Arballo alleges Boyd reported his termination to FINRA citing "personal conduct," a reason he says he was never given directly; he is seeking unspecified damages and reinstatement.
Summary
Phil Arballo, who ran unsuccessfully for U.S. House twice, has sued Charles Schwab and branch manager Rob Boyd, alleging he was wrongfully terminated from the company's Los Altos branch after Boyd learned he had run as a Democrat, according to a lawsuit filed Monday in Santa Clara County Superior Court and reported by SiliconValley.com. Schwab said in a statement Friday that the allegations were "unwarranted" and that it would respond in court.
Arballo ran for the U.S. House in California's Central Valley in 2020 and 2022. In 2020 he won 46% of the vote in the 22nd Congressional District, losing to Republican Devin Nunes, who received 54%, according to election records. In the 2022 primary in the 13th District he received 17%. Arballo, who now divides his time between Palo Alto and Fresno, had worked at Fresno financial firms from 2016 to 2020 and returned to financial advising in late 2023. He was hired at the Los Altos office in September of last year, the lawsuit states.
The complaint alleges that within a few months of his hiring, Boyd called him into a meeting with another Schwab employee present, asked why he had not disclosed his political campaigns, and referred to news coverage of his race against Nunes. Arballo told the publication he did not believe he needed to disclose the campaigns because they were not relevant to his finance career. The lawsuit also says Boyd frequently spoke about conspiracy theories and anti-vaccination views, which it characterizes as opposed to the Democratic Party.
The meeting also touched on a March 2023 article from a Fresno-based website alleging Arballo had promoted work as a producer and casting agent for a pornography company. Arballo denied any involvement with such a company and said he believed the report was a political move by an opponent. He said the emphasis of the questioning was on his political activity. Two days after the meeting, Schwab fired him, the lawsuit says, and Boyd notified FINRA that Arballo was let go over "personal conduct," an allegation the suit describes as unsupported. Arballo, 45, said he was not given a reason for his termination.
The lawsuit, filed under his legal first name Felipe, also alleges that his fidgeting, linked to anxiety, annoyed Boyd and contributed to the firing, supporting a disability discrimination claim. Arballo says the termination must now be disclosed to prospective employers and that he has been unable to find new work. He is seeking unspecified damages and a court order reinstating him.
Arballo ran for the U.S. House in California's Central Valley in 2020 and 2022. In 2020 he won 46% of the vote in the 22nd Congressional District, losing to Republican Devin Nunes, who received 54%, according to election records. In the 2022 primary in the 13th District he received 17%. Arballo, who now divides his time between Palo Alto and Fresno, had worked at Fresno financial firms from 2016 to 2020 and returned to financial advising in late 2023. He was hired at the Los Altos office in September of last year, the lawsuit states.
The complaint alleges that within a few months of his hiring, Boyd called him into a meeting with another Schwab employee present, asked why he had not disclosed his political campaigns, and referred to news coverage of his race against Nunes. Arballo told the publication he did not believe he needed to disclose the campaigns because they were not relevant to his finance career. The lawsuit also says Boyd frequently spoke about conspiracy theories and anti-vaccination views, which it characterizes as opposed to the Democratic Party.
The meeting also touched on a March 2023 article from a Fresno-based website alleging Arballo had promoted work as a producer and casting agent for a pornography company. Arballo denied any involvement with such a company and said he believed the report was a political move by an opponent. He said the emphasis of the questioning was on his political activity. Two days after the meeting, Schwab fired him, the lawsuit says, and Boyd notified FINRA that Arballo was let go over "personal conduct," an allegation the suit describes as unsupported. Arballo, 45, said he was not given a reason for his termination.
The lawsuit, filed under his legal first name Felipe, also alleges that his fidgeting, linked to anxiety, annoyed Boyd and contributed to the firing, supporting a disability discrimination claim. Arballo says the termination must now be disclosed to prospective employers and that he has been unable to find new work. He is seeking unspecified damages and a court order reinstating him.
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