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Former Stifel, Nicolaus & Company, Inc. Financial Advisor Jon Schmidhammer Barred by FINRA

Posted on Monday, September 18th, 2017 at 10:30 am    

Erez Law is currently investigating former Stifel, Nicolaus & Company, Inc. financial advisor Jon Schmidhammer (CRD# 1548931) regarding negligence, unsuitable management, unauthorized trading and securities violations. Schmidhammer was registered with Stifel, Nicolaus & Company, Inc. in Dublin, Ohio from 2009 to 2016, before he was terminated regarding, “Jon Schmidhammer resigned after his arrest for allegedly stealing money from a client.” Previously, Schmidhammer was terminated from employment at UBS Financial Services Inc. in Weehawken, New Jersey regarding, “Provided inaccurate statements on pre-employment application.”

In December 2016, FINRA barred Schmidhammer from acting as a broker or otherwise associating with firms that sell securities to the public after he failed to respond to FINRA request for information and he failed to request termination of his suspension within three months of the date of the Notice of Suspension.

Previously in February 2004, the American Stock Exchanged charged Schmidhammer with inappropriately extending credit to a customer to satisfy margin requirements in the customer account, and failing to follow the firm’s internal procedures regarding the extension of credit, and misleading the firm in an attempt to avoid detection for his failure to follow such procedures. He was sanctioned to a monetary fine of $10,000.

Schmidhammer has been the subject of one customer complaint, according to his CRD report:

October 2016. “Claimant alleges negligence, unsuitable management, unauthorized trading, violations of the Ohio Securities Act, breach of contract, breach of fiduciary duty, and conversion.” The customer sought $500,000 in damages and the case was settled for $499,000.

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, Stifel, Nicolaus & Company, Inc. may be liable for investment or other losses suffered by Schmidhammer’s customers.

Erez Law represents investors in the United States for claims against former Stifel, Nicolaus & Company, Inc. financial advisor Jon Schmidhammer regarding negligence, unsuitable management, unauthorized trading and securities violations. If you were a client of Stifel, Nicolaus & Company, Inc. or another firm, 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.