Erez Law Investigates Wells Fargo Clearing Services, LLC Financial Advisor James Schaedler Jr.
Posted on Saturday, January 5th, 2019 at 10:20 am
Former Wells Fargo Clearing Services, LLC financial advisor James Schaedler Jr. (CRD# 4264512) has nearly $1 million customer complaint regarding misappropriation of funds. Schaedler was registered with Wells Fargo Clearing Services, LLC in Anaheim, California from 2010 to 2017, when he was terminated regarding, “Discharged after allegations that the financial advisor’s daughter received funds via check from a client. The majority of those funds were subsequently received by the financial advisor.”
In June 2017, FINRA barred Schaedler after he consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA during the course of an investigation into allegations that he exercised influence over a former elderly client, who ultimately amended her trust making him a partial beneficiary and the residual beneficiary of her $2.3 million dollar estate. The findings stated that the investigation was later expanded to include allegations that Schaedler also improperly received a $200,000 gift from a second elderly client.
Schaedler has been the subject of one customer complaint, according to his CRD report:
June 2018. “The Customer alleges misappropriation of funds from September 1995 until July 31, 2012.” The customer is seeking $964,872.23 in damages and the case is currently pending. The case is regarding mutual funds.
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, Wells Fargo Clearing Services, LLC may be liable for investment or other losses suffered by Schaedler’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.