Douglas Schmitz, with Classic Asset Management, Subject of SEC Action

FARGO, NORTH DAKOTA

Have you lost money with financial advisor Douglas Schmitz of Fargo, North Dakota?  Our law firm is looking into claims made by the Securities and Exchange Commission of Douglas Schmitz, who owns Classic Asset Management and Classic LLC.  The SEC alleged that Douglas Schmitz used leveraged and inverse ETFs and often held them for beyond a single day, despite the fact that these ETFs are designed to be used for only one trading day.

The SEC alleged that this conduct occurred from January 2017 to December 2020.  To settle these allegations, Douglas Schmitz and Classic Asset Management agreed to disgorge over $600,000, interest of $118,000, and a combined penalty of $200,000.

Douglas Schmitz has been a financial advisor and registered representative of Classic LLC since November 2012.  He has also been an investment advisory representative of Classic Asset Management from July 2006 to the present.  Schmitz operates a Fargo, North Dakota office.  He’s also been the subject of three customer complaints.

Investment advisors are considered to be fiduciaries of their customers, meaning that the advisor has to put their customers’ interest before their own.  Violations of industry rules can be evidence that the advisor violated his fiduciary duty to a client, which can result in financial liability.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and Seattle, Washington.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in North Dakota.

View Schmitz, d SEC Order

View Schmitz, d BrokerCheck 5.5.23

If you lost money with Douglas Schmitz, Classic Asset Management, or Classic LLC, please Contact Us at 206-795-5798 for a free evaluation of your case.