Options for Clients of Classic, LLC Broker Douglas Schmitz

Douglas Schmitz

Did you lose money investing with Classic, LLC broker Douglas Schmitz (CRD# 1771132)? Schmitz has been registered with Classic, LLC in Fargo, North Dakota since 2012 and with Classic Asset Management, LLC in North Fargo, North Dakota since 2006.

Schmitz has been the subject of three customer complaints in 2020, according to his CRD report:

  • August 2020. “Client alleges lack of fiduciary responsibility.” The customer is seeking $40,000 in damages and the case is currently pending. The complaint was regarding exchange-traded funds (ETFs) and took place while Schmitz was registered with Classic, LLC.
  • July 2020. “Client alleges Representative did not follow direction to liquidate account.” The customer is seeking $5,200 in damages and the case is currently pending. The complaint was regarding managed accounts and took place while Schmitz was registered with Classic, LLC.
  • April 2020. “Clients allege unsuitable investment recommendations, breach of fiduciary duties and violation of state and federal securities laws.” The customer is seeking $750,000 in damages and the case is currently pending. The complaint was regarding ETFs and took place while Schmitz was registered with Classic, LLC.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Classic, LLC may be liable for investment or other losses suffered by Schmitz’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.