Schwab consented to the entry of an order that it cease and desist from such violations and pay a $350,000 civil penalty. Helane Morrison, District Administrator for the SEC's San Francisco Office, said, "The Commission requires diligent compliance with mutual fund pricing restrictions to maintain fairness to all mutual fund investors. Schwab's improper practices created an unacceptable risk that certain customers would be disadvantaged." Added Marc Fagel, Assistant District Administrator for the SEC's San Francisco Office, "Schwab management failed to ensure that their personnel knew and understood the mutual fund pricing rules. In order to maintain a fair playing field, broker-dealers must make certain that their personnel understand and enforce both the letter and spirit of the rules governing the pricing of mutual fund orders."