There are options for clients of Northwestern Mutual Investment Services, LLC broker Karen Schmidt (CRD# 5669963) who suffered investment losses. She has been registered with Northwestern Mutual Investment Services, LLC in Woodland Hills, California, since 2010.
Karen Schmidt Customer Complaints
She has been the subject of two customer complaints between 2018 and 2024, according to her CRD report:
March 2024. “Customers allege that in or around May 2018, the Representative sold them unsuitable non-variable life insurance policies and a fixed annuity, and that the Representative did not inform them of the illiquid nature of the annuity. Customers also allege that the representative initiated a transfer from a brokerage account without their knowledge to fund the fixed annuity.” The customer is seeking $400,000 in damages, and the case is currently pending.
August 2018. “Board chairman of a corporation alleged, among other things, that the Representative acted fraudulently in the sale of a variable annuity and three non-variable life insurance policies as a benefit to four company employees, where the corporation was the premium payer, without necessary board approval as payer of the policies and annuity.” The customer sought $317,761.74 in damages, and the case was settled for $326,674.60.
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, Northwestern Mutual Investment Services, LLC may be liable for investment or other losses suffered by Karen Schmidt’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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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