Stifel, Nicolaus Broker Jon Schmidhammer Has History of Regulatory Problems
By: David P. Meyer, Esq., Founding Partner of Meyer Wilson
An elderly client living in Upper Arlington, Ohio, had $500,000 stolen
from her by her own stockbroker, according to police. As reported by the
Columbus Dispatch today, “Upper Arlington police arrested financial
adviser Jon Schmidhammer after they say he confessed to stealing more
than $500,000 from an elderly client.”
Mr. Schmidhammer is employed by the brokerage firm Stifel, Nicolaus &
Company and worked in the firm’s Dublin office. He has been employed
with Stifel, Nicolaus since May 26, 2009. According to regulatory filings,
he remains employed at the firm as of the writing of this blog. Prior
to joining Stifel, Nicolaus, Mr. Schmidhammer worked in Merrill Lynch’s
Upper Arlington branch from March 2006 through May 2009. Prior to Merrill,
he was employed by UBS Financial but was fired in 2004 for providing inaccurate
statements on his pre-employment application, according to regulatory filings.
In 2004, Mr. Schmidhammer was the subject of a regulatory action and was
sanctioned $10,000 for inappropriately extending credit to a customer
to satisfy margin requirements and for misleading his firm in an attempt
to avoid detection.
Back in 2001, I represented former clients of Mr. Schmidhammer in a dispute
against him while he was employed with Salomon Smith Barney.
As an investment fraud attorney based in Columbus, I have represented numerous
senior citizens who have been the victims of broker theft. This case is
certainly not the first time an Upper Arlington family has been the target
of theft by their brokers. I represented an elderly couple in Upper Arlington
whose broker stole in excess of $1,000,000 from them over several years.
The broker worked for a major brokerage firm and our law firm successfully
recovered the couple’s hard-earned money. In addition, a financial
advisor working for another large brokerage firm in Upper Arlington recently
stole hundreds of thousands of dollars from a disabled daughter of an
Upper Arlington man. Meyer Wilson represented her as well. In that case,
the broker was sentenced to 5 years in jail.
Founded in 1999, Meyer Wilson is a boutique law firm based in Columbus,
Ohio, devoted solely to investor claims and class action lawsuits. As
a niche firm, our investment fraud attorneys have the ability to focus
their time on what they do best: recovering losses for investors with
claims against financial advisors, stockbrokers and brokerage firms. Meyer
Wilson has achieved jury awards, arbitration awards and settlements with
a combined value of hundreds of millions of dollars on behalf of our clients.
When it comes to choosing an attorney to handle your case, results matter.
In 2015, Meyer Wilson recovered more than $350,000,000 for our clients.