Douglas Schmitz, Broker with Classic, LLC, Facing Customer Dispute Alleging Lack of Fiduciary Responsibility

Schmitz is also facing a customer dispute alleging unsuitable investment recommendations and violation of state and federal securities laws.

The Sonn Law Group is investigating allegations that Douglas Schmitz committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Douglas Schmitz (CRD#: 1771132) is currently registered as a broker and investment adviser with Classic, LLC in Fargo, North Dakota, where he has been employed since 2008. Schmitz was previously registered as a broker with Northstar Financial Partners from 2010 to 2012. 

Schmitz has four disclosures on his BrokerCheck report.

August 2020 Customer Dispute

• Status: Pending
• Allegations: Client alleges lack of fiduciary responsibility.
• Damage Amount Requested: $40,000.00

July 2020 Customer Dispute

• Status: Closed-No Action
• Allegations: Client alleges Representative did not follow direction to liquidate account.
• Damage Amount Requested: $5,200.00

April 2020 Customer Dispute

• Status: Pending
• Allegations: Clients allege unsuitable investment recommendations, breach of fiduciary duties and violation of state and federal securities laws.
• Damage Amount Requested: $750,000.00
• Broker Comment: Client are only clients of Classic Asset Management, LLC, the affiliated Investment Advisor firm.

September 2015 Financial Judgment

• Status: Pending
• Type: Bankruptcy

Contact Us Today

The Sonn Law Group is currently investigating allegations that Douglas Schmitz committed misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.