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BRIEFLY

November 03, 1987

Officials at Charles Schwab Corp. refused to confirm a published report that a private investor from Hong Kong is primarily responsible for the $22-million loss that the company announced last week. The Wall Street Journal identified the man as 52-year-old Teh Huei Wang, but a spokesman for Schwab declined comment, citing client confidentiality. San Francisco-based Schwab announced its loss after revealing that one of its customers failed to meet margin calls in options trading Oct. 19, the day the Dow Jones industrial average fell 508 points. Schwab said the investor agreed to settle his debts of $84 million by paying Schwab $67 million over the next five years. Litigation between Schwab and Wang, filed in state court in Chicago, has been sealed at the request of Wang's attorney.

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