Phil Arballo sues Schwab for wrongful termination in Los Altos

Phil Arballo has filed a lawsuit against Charles Schwab, claiming he was fired from his job as an investment consultant in Los Altos because he ran for Congress as a Democrat. Arballo said he was let go just months after being hired in September 2023. He ran for the U.S. House of Representatives in 2020 and 2022 but did not win. In his lawsuit, filed in Santa Clara County Superior Court, Arballo claims his boss, Rob Boyd, questioned him about his political campaigns during a meeting. Arballo argued that his political activities were not relevant to his role in finance. Boyd frequently expressed views that seemed anti-Democrat, according to the lawsuit. Arballo also denied an allegation from a March 2023 article that he worked in the pornography industry before joining Schwab. He said this claim arose during the same meeting that led to his termination. Less than a week after their discussion, Arballo was fired, and his departure was reported to the Financial Industry Regulatory Authority as due to "personal conduct." The lawsuit accuses Schwab of wrongful termination and retaliation because of his political involvement. Arballo believes he was discriminated against due to a disability. Since his firing, he has struggled to find new work, as he now has to disclose that he was terminated from Schwab. He is seeking damages and wants to be reinstated.