John Greg Schmidt Lawsuit | Broker Misconduct

Who Is John Greg Schmidt? | John Greg Schmidt Lawsuit

John Greg Schmidt was a  is a Bellbrook, Ohio broker. This Dayton-area broker was most recently registered with Wells Fargo Advisors Financial Network before getting barred by the industry. Recently, FINRA barred Schmidt from “acting as a broker or otherwise associating with a broker-dealer firm. Schmidt currently has 11 Brokercheck Disclosures, including Regulatory actions, Customer Disputes, and Employment Separation After Allegations.

Peiffer Wolf Carr & Kane is currently investigating claims against John Greg Schmidt, a previously registered (now barred from the industry) broker at Wells Fargo Advisors Financial Network in Dayton, OH.

According to FINRA’s BrokerCheck website for Public Disclosures, John Greg Schmidt has been the subject of eleven disclosures. Some of the more notable disclosures are as follows:

2007: Customer Dispute – Settled for $80,000

2017: Employment Separation After Allegations – 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 statements which appear not to have been generated or approved by the firm.”

2017: Customer Dispute – Settled for $850,000

2017: Customer Dispute – Settled for $199,443.90

2017: Regulatory [FINRA] – Indefinite Bar – “Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated November 29, 2017 and December 26, 2017, respectively, on March 5, 2018, Schmidt is barred from association with any FINRA member in any capacity.” Schmidt “failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.”

2017: Customer Dispute – Settled for $167,059.22

2017: Customer Dispute – Settled for $1,500,000

2018: Customer Dispute – Settled for $704,342.67

2018: Customer Dispute – Settled for $280,000

2018: Civil – Disgorgement by SEC $235,614. SEC’s Allegations state “from at least 2003 through 2017, Schmidt betrayed his customers’ trust by perpetrating a classic fraudulent scheme: he robbed Peter to pay Paul. Schmidt – actin without customer authorization – repeatedly sold securities belonging to some of his brokerage customers and secretly transferred the sale proceeds to cover shortfalls in the accounts of other customers.” 

2018: Regulatory [SEC] – Indefinite Bar

Since 2007, customer complaints disclosed against John Greg Schmidt have included allegations of “negligence, fraud, breach of fiduciary duty, breach of contract, malpractice, detrimental reliance, unauthorized withdrawals, excessive trading, misrepresentations, misappropriation of funds, falsifying account statements, unauthorized liquidations” and that Schmidt “absconded with monies belonging to client.”

To review John Greg Schmidt’s Brokercheck report, click here: https://brokercheck.finra.org/individual/summary/708094

Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. Their broker-dealer (employing brokerage firm) has a legal obligation and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

John Greg Schmidt has worked at multiple firms over the years, including Wells Fargo Advisors Financial Network, Stifel Nicolaus & Company, First Union Securities, First Union Capital Markets, Painwebber, Prudential-Bache Securities, IDS Life Insurance Company, IDS Marketing Corporation, and IDS Financial Services. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org.

John Greg Schmidt Broker | John Greg Schmidt Lawsuit

Based on our experience, we believe that there are more investors who have been the victim of John Greg Schmidt’s alleged broker misconduct and investment fraud. If you’ve worked with or invested with John Greg Schmidt, you should contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation.

Peiffer Wolf Carr & Kane is currently investigating John Greg Schmidt’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation585-310-5140

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.