Investors potentially experienced sales practice violations by securities broker Steven Wallace Schmitt [CRD: 4486457, Paramus, New Jersey], according to publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Schmitt worked for Raymond James Associates Inc. since November 9, 2022, and previously worked for Morgan Stanley from October 7, 2016, to November 29, 2022. Read on to discover more about the disclosures involving this securities broker.
Raymond James Investor Accused Schmitt Of Unsuitable Recommendations, Unauthorized Transactions
Specifically, on January 7, 2026, a Raymond James Associates Inc. client filed FINRA Arbitration No. 26-00032 about Steven Schmitt. Primarily, the client alleged that Schmitt made unsuitable recommendations, liquidated certain positions, and carried out a corporate action involving one stock without the client’s authorization. Because of this, the client allegedly incurred damages linked to stocks. Consequently, the client requested $950,000 in compensation from Raymond James Associates Inc. or Schmitt. BrokerCheck shows that this arbitration is ongoing.
Steven Schmitt Disclosed Sales Practice Violations Allegations By Morgan Stanley Client
Particularly, a client of Morgan Stanley Smith Barney contested Steven Schmitt’s sales practices by filing FINRA Arbitration No. 23-03566. Allegedly, Schmitt made unsuitable recommendations related to an investment strategy between 2018 and 2022. It appears that Schmitt allegedly caused the client to sustain damages. As a result, Morgan Stanley opted to settle the matter on January 15, 2025, by compensating the client in the amount of $150,000.
Have You Made Investments Through Financial Advisor / Securities Broker Schmitt?
Are you worried about investments you made through Steven Schmitt? You can contact Soreide Law Group online or at (888) 760-6552 and speak to a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for hundreds of clients throughout the United States. Also, our securities lawyers work on a contingency fee basis and advance all costs. Schmitt and brokerage firms Schmitt worked for deny any accusations of sales practice violations.
