Peiffer Wolf Carr & Kane is currently investigating claims against John Greg Schmidt, a previously registered (now barred from the industry) broker at Wells Fargo Advisors Financial Network in Dayton, OH.
According to FINRA’s BrokerCheck website for Public Disclosures, John Greg Schmidt has been the subject of eleven disclosures. Some of the more notable disclosures are as follows:
2007: Customer Dispute – Settled for $80,000
2017: Employment Separation After Allegations – Wells Fargo Advisors Financial Network “disaffiliated with Mr. Schmidt after allegations of unauthorized money movement between clients, and after the Firm was notified of an allegation of the existence of inaccurate statements which appear not to have been generated or approved by the firm.”
2017: Customer Dispute – Settled for $850,000
2017: Customer Dispute – Settled for $199,443.90
2017: Regulatory [FINRA] – Indefinite Bar – “Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated November 29, 2017 and December 26, 2017, respectively, on March 5, 2018, Schmidt is barred from association with any FINRA member in any capacity.” Schmidt “failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.”
2017: Customer Dispute – Settled for $167,059.22
2017: Customer Dispute – Settled for $1,500,000
2018: Customer Dispute – Settled for $704,342.67
2018: Customer Dispute – Settled for $280,000
2018: Civil – Disgorgement by SEC $235,614. SEC’s Allegations state “from at least 2003 through 2017, Schmidt betrayed his customers’ trust by perpetrating a classic fraudulent scheme: he robbed Peter to pay Paul. Schmidt – actin without customer authorization – repeatedly sold securities belonging to some of his brokerage customers and secretly transferred the sale proceeds to cover shortfalls in the accounts of other customers.”
2018: Regulatory [SEC] – Indefinite Bar
Since 2007, customer complaints disclosed against John Greg Schmidt have included allegations of “negligence, fraud, breach of fiduciary duty, breach of contract, malpractice, detrimental reliance, unauthorized withdrawals, excessive trading, misrepresentations, misappropriation of funds, falsifying account statements, unauthorized liquidations” and that Schmidt “absconded with monies belonging to client.”
To review John Greg Schmidt’s Brokercheck report, click here: https://brokercheck.finra.org/individual/summary/708094
Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. Their broker-dealer (employing brokerage firm) has a legal obligation and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
John Greg Schmidt has worked at multiple firms over the years, including Wells Fargo Advisors Financial Network, Stifel Nicolaus & Company, First Union Securities, First Union Capital Markets, Painwebber, Prudential-Bache Securities, IDS Life Insurance Company, IDS Marketing Corporation, and IDS Financial Services. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org.
Based on our experience, we believe that there are more investors who have been the victim of John Greg Schmidt’s alleged broker misconduct and investment fraud. If you’ve worked with or invested with John Greg Schmidt, you should contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation.
Peiffer Wolf Carr & Kane is currently investigating John Greg Schmidt’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation. 585-310-5140
If you believe you were a victim of predatory lending, investment fraud, or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors. We focus on identifying parties that are not only liable but have the financial ability to compensate victimized investors. Our goal is to put money back into our clients’ pockets.