Erez Law is currently investigating Catalyst Wealth Management broker Sanford Schmidt (CRD# 1163559). He was registered with The Leaders Group, Inc. in Summit, New Jersey, since 2023, and Catalyst Wealth Management in Deerfield, Illinois, since 2016. Previously, he was registered with The Leaders Group, Inc. in Summit, New Jersey, from 2020 to 2021, and TLG Advisors, Inc. in Northbrook, Illinois, from 2013 to 2019.
Sanford Schmidt Customer Complaints
He has been the subject of three customer complaints between 2010 and 2024, one of which was denied, according to his CRD report:
March 2024. “Client invested in a 12% interest bearing note paying 1% per month in June 2021. In January 2023 client renewed the notes. In December 2023, CUMF company filed for bankruptcy, defaulted on payment.” The customer is seeking $1,000,000 in damages, and the case is currently pending. The complaint took place while he was registered with Catalyst Wealth Management, and it was regarding promissory note losses.
February 2024. “CBL alleges the following violation securities law of 1953 815 ilcs 5/12(f), (g), and (j) violation of the illinois consumer fraud and deceptive business practices act 815 ILCS 505/2 fraudulent misrepresentation negligent misrepresentation breach of fiduciary duty unjust enrichment.” The customer is seeking $750,000 in damages, and the case is currently pending. The complaint took place while he was registered with Catalyst Wealth Management, and it was regarding private fund losses.
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, Catalyst Wealth Management may be liable for investment or other losses suffered by Sanford 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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