Meyer Wilson is currently investigating alleged misconduct by former
LPL Financial broker Raymond Daniel Schmidt (CRD# 3258497). According to FINRA in a
Letter of Acceptance, Waiver, and Consent, from May 2009 to November 2012, Schmidt allegedly violated various securities
industry regulations by:
- Borrowing $2.25 million from seven LPL Financial customers
- Engaging in outside business activities that were neither disclosed to
or approved by LPL
- Submitting five false compliance questionnaires and three false disclosure
forms to LPL
Schmidt also allegedly refused to respond to FINRA's request for information
in connection with an investigation into his alleged misconduct. Schmidt
has been permanently barred from working in the securities industry in
any capacity as a result of his alleged misconduct.
Industry rules generally prohibit brokers from borrowing money from their
customers. Among other things, engaging in improper loan arrangements
with customers violates FINRA Rule 2010, which requires brokers to "observe
high standards of commercial honor and just and equitable principles of
FINRA alleges that Schmidt borrowed $2.25 million from customers in order
to buy real estate in Hawaii for building a vacation rental property.
FINRA also alleges that Schmidt submitted false documents to LPL in connection
with his misconduct, including compliance questionnaires with inaccurate
or incomplete information . .
Industry rules requires brokerage firms like LPL to rigorously monitor
the activities of its brokers to try to detect and prevent the very sort
of misconduct that Schmidt allegedly engaged in. Was Raymond Daniel Schmidt
your broker? If he was and you lost money, you may be able to recover
your losses against LPL. Contact an investment fraud lawyer at Meyer Wilson for a
free review of your case.