Settled Claims Implicating Ex-Broker John Greg Schmidt Exceed $1.7 Million

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According to FINRA public records, former Dayton, Ohio based broker John Greg Schmidt (Greg Schmidt or John Gregory Schmidt) has five disclosed customer disputes.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates brokers and brokerage firms.  Wells Fargo discharged Schmidt in November 2017.

Between October 2007 and January 2018, customers filed private arbitration claims against Greg Schmidt’s firms to seek losses that Schmidt allegedly caused.  Customers filed four of the claims within the past year.  Allegations include Schmidt engaged in theft, fraud, and broker negligence, among other misconduct.

Three of the claims were settled for amounts of $80,000, $199,444, and $1.5 million.  Two of the disputes are pending.  Schmidt’s FINRA records state he did not contribute to the settlements and they were paid by his former firms, Stifel Nicolaus and Wells Fargo.

Registration Status

John Greg Schmidt was registered as a broker from 1980 through 2017 with CRD# 708094.  Registration locations included Ohio, Missouri, North Carolina, New Jersey, and New York.

Schmidt was registered with Wells Fargo Advisors Financial Network, LLC, from December 2006 to November 2017.  Wells Fargo reported it discharged him “after allegations of unauthorized money movement between clients” and “inaccurate account statements.”

In November 2017, FINRA suspended Schmidt from acting as a broker or working with a brokerage firm.  FINRA later converted the suspension to a permanent bar in March 2018.

Investor Recovery Options for Broker Theft and Fraud

Brokerage firms, like Wells Fargo, have a duty to closely monitor and supervise their brokers’ conduct.  This includes pursuant to FINRA Rule 3110, which requires firms establish an adequate system to supervise their brokers.  Such rules establish legal duties that brokerage firms owe to their customers.  These duties give investors the right to pursue claims for losses caused by firms inadequately supervising broker misconduct.

If you believe you suffered losses while investing with former stockbroker John Greg Schmidt, call Marquardt Law Office LLC at (312) 945-6065 or send the firm a message to set up a free no obligation phone consultation with an attorney.

Marquardt Law Office LLC is a securities law firm that represents investors nationwide who have suffered losses due to misconduct such as fraud and negligence.

Information regarding John Greg Schmidt was obtained from FINRA BrokerCheck records accessed on August 31, 2018.

Adam J. Marquardt

Adam Marquardt represents investors in securities litigation claims such as unsuitable investments, negligence, and fraud. He is dedicated to recovering financial losses for investors, primarily through FINRA arbitration. Adam’s background includes experience as a FINRA regulator, an accountant and auditor, and an attorney who recovered $8 million litigating cases involving fraudulent financial practices. Adam is a certified public accountant and attorney licensed in Illinois.

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