Broker Investigation: John Schmidt

John Schmidt (CRD#: 708094) is a previously registered broker and investment advisor. From 2006 to 2017, Mr. Schmidt was employed at Wells Fargo Advisors Financial Network in Dayton, Ohio.

On November of 2017, former Wells Fargo broker John Schmidt was barred by FINRA. Notably, this action came soon after this broker was discharged from his position by Wells Fargo following allegations of fraud. In this post, our experienced investment fraud lawyers offer an overview of the financial advisor misconduct allegations that have been raised against Mr. Schmidt.

Broker Barred By FINRA: John Schmidt

In October of 2017, John Schmidt was terminated by Wells Fargo Advisors Financial Network after allegations arose that he made unauthorized transactions between customer accounts. In addition, Wells Fargo determined that Mr. Schmidt offered clients account statements that contained wholly inaccurate information.

In November, FINRA barred former Wells Fargo broker John Schmidt after he failed to respond to the agency’s request for documents and testimony regarding the allegations of misconduct. This is a violation of financial industry rules. Four customer disputes have also been filed against this broker. Specifically, these complaints are as follows:

• Broker made material misrepresentations: Settled for $199,443.90
• Broker absconded with investor money: Currently still pending
• Broker absconded with investor money: Settled for $1.5 million
• Broker misappropriated client funds: Currently still pending

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