Securities Arbitration Lawyers BlogFINRA Bars Broker John Greg Schmidt After Misappropriation Allegations
John Greg Schmidt (CRD #708094) is a former registered stockbroker and investment advisor whose last known employer was Wells Fargo Advisors Financial Network, LLC (CRD #11025) in Dayton, OH. He is also known as “Greg Schmidt” or “John Gregory Schmidt.”
His previous employers include Stifel, Nicolaus & Company, Incorporated (CRD #793), also of Dayton, OH; First Union Securities, Inc. (CRD #19616) of St. Louis, MO; and First Union Capital Markets Corp. (CRD #6124) of Charlotte, NC. Schmidt began his industry career in 1980, but is not currently registered with any FINRA broker.
Schmidt is currently the subject of several disclosures:
- In a pending FINRA arbitration filed on 01/05/20018, a client’s representative alleges misappropriations of client funds from his accounts from 2/16/2011 through 5/21/2016. No requested damages are specified.
- Two securities arbitration claims were filed on 12/04/2017. In both, the client’s attorney alleges that Schmidt “absconded” with client monies during the period 12/13/2006 through 10/24/2017, and 2/23/2012-10/27/2017. No requested damages are specified in either case. These disputes are currently listed as “pending.”
- In a FINRA arbitration dated 11/29/2017, Schmidt was barred indefinitely from association with a FINRA-affiliated firm in any capacity after failing to respond to a request for information from FINRA. He failed to request that his three-month bar be terminated, so he is now permanently barred from acting in any capacity with a FINRA broker.
- On 10/27/2017, a client alleged verbally that Schmidt provided both written and verbal misrepresentations about the value of the client’s investments from the period 3/27/2007 through 10/27/2017. This case was settled for a sum of $199,443.90.
- Schmidt was discharged on 10/24/2017 by Wells Fargo Advisors Financial Network after allegations of “unauthorized money movement between clients.” Wells Fargo was also notified of unauthorized account statements that were not generated by the firm, and presented inaccurate information to the clients.
- His only previous dispute was filed on 10/09/2007, alleging “negligence, fraud, breach of fiduciary duty, breach of contract, malpractice and detrimental reliance.” The clients requested damages in the amount of $500,000, and the case was settled for $80,000. The settlement agreement saw Wells Fargo pay damages of $32,500, Stifel Nicolaus pay $15,000 and Schmidt himself pay $32,500 to the claimants.
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