Broker Investigation: John Schmidt

Broker Investigation John Schmidt

John Schmidt (CRD#: 708094) is a former broker and investment advisor. From 2006 to 2017, Mr. Schmidt was employed at Wells Fargo Advisors Financial Network in Dayton, Ohio. In March of 2018, John Schmidt was barred by FINRA after he failed to respond to a request for information.

Several investors initiating arbitration claims against former Wells Fargo Advisors broker John Schmidt alleging that he stole their money. On September 25th, 2018, the Securities and Exchange Commission (SEC) filed a formal complaint against Mr. Schmidt.

SEC Complaint: John Schmidt

In a complaint filed in the United States District Court for the Southern District of Ohio, the SEC alleges that former Wells Fargo broker John Schmidt perpetuated a 13-year financial fraud scheme.

According to the agency, Mr. Schmidt transferred money around between customers — in an unauthorized manner — to cover shortfalls in different brokerage accounts.

The SEC plainly states that these shortfalls existed because Mr. Schmidt misappropriated over $1.16 million in investor funds. To conceal his misconduct, Mr. Schmidt is alleged to have sent investors wholly fraudulent brokerage account statements.

The SEC is alleging several securities law violations and it is seeking all available relief, including a finding of facts, conclusions of law, disgorgement of all ill-gotten gains, full financial restation, civil financial penalties, and any other remedy court deemed appropriate by the court.

Consult With a FINRA Arbitration Lawyer

At Sonn Law Group, our aggressive investment fraud lawyers have extensive experience handling FINRA arbitration claims and securities litigation cases. For a free review of your claim, please contact our law firm today.

Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.

 

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