John Schmidt, formerly with Wells Fargo, Subject of SEC Complaint

Have you lost money investing with John Schmidt from Dayton, Ohio?  We are investigating allegations made by the Securities and Exchange Commission (SEC) against John Gregory Schmidt, formerly with Wells Fargo.  Schmidt was the subject of a complaint by the SEC, who seeks civil penalties against Schmidt.  The SEC brought this complaint against Schmidt, alleging that without customer authorization, he would sell securities in one customer’s account and transfer the proceeds to another account to cover shortfalls in other customers’ accounts.

The SEC alleged that this scheme was perpetrated between 2003 and 2017.  The SEC further alleged that he used this scheme to steal about $1.1. million from seven customers, many of which were elderly.

John Schmidt was a representative of Wells Fargo from December 2006 to October 2017.  He also worked with Stifel Nicolaus from May 2002 to December 2006.  He worked at a branch office in Dayton, Ohio.  Schmidt has been the subject of several customer complaints and was terminated by Wells Fargo for this conduct.

Brokerage firms like Wells Fargo have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms 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; Ann Arbor, Michigan; and Seattle, Washington.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Ohio. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past, including Wells Fargo, and many others.

Click to view:  Schmidt, John SEC Complaint

Click to view:  Schmidt, John BrokerCheck 9.25.18

If you lost money with Wells Fargo, please CONTACT US at 720-599-3505 for a free evaluation of your case.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.