Were you the victim of Raymond James & Associates, Inc. broker Steven Schmitt (CRD# 4486457)? He has been registered with Raymond James & Associates, Inc. in Paramus, New Jersey, since 2022. He was registered with Morgan Stanley in New York, New York, from 2016 to 2022, and Wells Fargo Advisors, LLC in Short Hills, New Jersey, from 2004 to 2016.
Steven Schmitt Customer Complaints
He has been the subject of two customer complaints between 2023 and 2025, according to his CRD report:
December 2025. “Claimant alleges FA made unsuitable investment recommendations and liquidated certain positions and exercised a corporate action for one stock without Claimant’s authorization.” The customer is seeking $950,000 in damages, and the case is currently pending. The complaint was regarding common and preferred stocks. The complaint took place while he was registered with Raymond James & Associates, Inc.
December 2023. “Claimant alleged, inter alia, that the investments strategy executed in the client’s account was unsuitable 2018-2022.” The customer sought $385,161 in damages, and the case was settled for $150,000. The complaint was regarding managed and wrap accounts. The complaint took place while he was registered with Morgan Stanley.
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, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Steven Schmitt’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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