Former Wells Fargo Broker John Schmidt Accused of Misappropriation, Theft of Client Funds

FINRA has barred former Wells Fargo broker John Schmidt after he failed to respond to its investigation regarding accusations of misappropriation, misrepresentation, and theft of client funds.

Schmidt was registered with Wells Fargo Advisors Financial Network in Dayton, Ohio from 2006 to 2017. According to his BrokerCheck report, he was terminated last November over allegations that he participated in unauthorized money movement between clients and misrepresented the value of customer investments.

During the course of his career, Schmidt was the subject of multiple client disputes, two of which have been settled. The three pending disputes all allege that Schmidt stole client money.

Did You Suffer Financial Losses While Investing With John Schmidt?

According to FINRA Rules, firms such as Wells Fargo are required to supervise the activities of their brokers while they're registered with the firm. When brokers such as Schmidt participate in misconduct and illegal activities it makes firms liable for investment and financial losses suffered by clients. If you lost money while investing with Schmidt, legal options may be available to help you recover some or all of your losses. Give the investment fraud attorneys at Meyer Wilson a call today at (800) 738-1960 to see if we can help you recoup your losses.

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