Fraud Alert: Former Wells Fargo Financial Advisor John Schmidt
Posted on Wednesday, July 11th, 2018 at 8:37 am
There are options for customers of former Wells Fargo financial advisor John Schmidt (CRD# 708094) who is accused of unauthorized money movement between clients. Schmidt was registered with Wells Fargo Advisors Financial Network, LLC in Dayton, Ohio from 2006 to November 2017 when he was terminated regarding, “Wells Fargo Advisors Financial Network disaffiliated with Mr. Schmidt after allegations of unauthorized money movement between clients, and after the Firm was notified of an allegation of the existence of inaccurate account statements which appear not to have been generated or approved by the Firm.”
In March 2018, FINRA barred Schmidt after he failed to respond to FINRA request for information. Schmidt failed to request termination of his suspension within three months of the date of the Notice of Suspension and he was automatically barred from association with any FINRA member in any capacity.
Schmidt has been the subject of five customer complaints between 2007 and 2018, according to his CRD report. Recent complaints are regarding:
January 2018. “Representative for client alleges that funds were misappropriated from his client’s accounts. (2/16/2011-5/21/2016).” The case is currently pending.
December 2017. “Attorney for client alleges FA has absconded with monies belonging to client. (12/13/2006-10/24/2017).” The case is currently pending.
December 2017. “Attorney for client alleges FA has absconded with monies belonging to client. (2/23/2012-10/27/2017).” The case is currently pending.
October 2017. “Customer verbally alleged that registered representative provided written and verbal misrepresentations regarding the value of the customer’s investments. (3/27/2007-10/27/2017).” This case was regarding variable annuities. The case was settled for $199,443.90.
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 may be liable for investment or other losses suffered by Schmidt’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.