Jeffrey Schwebach, formerly with Independent Financial Group, Suspended from Securities Industry

Have you lost money with financial advisor Jeffrey Schwebach from Dell Rapids, South Dakota? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Jeffrey P. Schwebach. FINRA suspended Schwebach from the securities industry for eight months and ordered him to disgorge over $19,000 in commissions. Schwebach was being investigated regarding allegations that he sold $895,000 in investments in the Woodbridge Group of Companies.

Last year, Woodbridge filed for bankruptcy, and investors will likely suffer substantial losses. This is at least the third former Independent Financial Group representative who has been punished by regulators for selling Woodbridge investments.

Jeffrey Schwebach was a registered representative and financial advisor with Independent Financial Group from 2010 to June 2018. He worked out of a branch office in Dell Rapids, South Dakota. He also owned Jeff Schwebach and Associates.

Broker-dealers like Independent Financial Group have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in South Dakota. Our attorneys have represented over one thousand investors against many brokerage firms in the past.

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Click to view: Schwebach, Jeffrey FINRA AWC