n February 19, 2019, an Ohio federal court entered a consent judgment against the former WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC of DAYTON, OH, registered representative, JOHN GREGORY SCHMIDT (GREG SCHMIDT, JOHN GREG SCHMIDT) CRD#: 708094.
The SEC filed a complaint on September 25, 2018, alleging that JOHN GREGORY SCHMIDT sold securities belonging to at least seven of his retail brokerage clients and secretly transferred over $1 million in proceeds to at least ten other clients to cover the shortages in the clients’ accounts. According to the complaint, many of the clients were elderly with little financial experience who were particularly vulnerable.
JOHN GREGORY SCHMIDT agreed to pay $235,614 in disgorgement and $35,049 in prejudgment interest, as well as a civil monetary penalty of $864,301, without admitting or denying the SEC’s allegations.
Schmidt was charged in January of 2019 with 124 counts of forgery, two counts of theft from an elderly or disabled adult, and two counts of fraud by the Office of the Prosecuting Attorney of Montgomery County, Ohio.
FINRA had barred JOHN GREGORY SCHMIDT in March of 2018 for failing to respond to FINRA’s request for information.
According to FINRA’s BrokerCheck, JOHN GREGORY SCHMIDT has 10 Disclosures on his report, 7 of the Disclosures are Customer Disputes. Schmidt was registered in the securities industry for 37 years and was listed with 9 firms, the most recent listed below:
12/05/2006 – 11/07/2017 WELLS FARGO ADVISORS FINANCIAL NETWORK LLC – DAYTON, OH
There are two more articles on this blog regarding JOHN GREGORY SCHMIDT:
If you or an elderly family member were victims of financial loss due to the actions or recommendations of former WELLS FARGO ADVISORS of DAYTON, OH, broker JOHN GREGORY SCHMIDT, contact Soreide Law Group and speak at no cost to an experienced securities lawyer regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA.