Call Now For a Free Consultation:
(614) 502-6165

Former Ohio Broker John Schmidt Charged by the SEC With Defrauding Seniors

Earlier this week, former Ohio broker John Schmidt was charged by the Securities and Exchange Commission (SEC) for defrauding his elderly retail brokerage clients out of more than $1 million in a long-running scheme.

According to the SEC's complaint, Schmidt allegedly participated in selling securities belonging to at least seven of his former clients and secretly transferred more than $1 million in proceeds to accounts belonging to 10 other clients. He was able to carry out the suspected scheme by allegedly taking part in unauthorized sales and by making withdrawals from his client's variable annuities. Also, the SEC claims that Schmidt secretly transferred funds using fake letters of authorization and issuing false account statements. Most of the clients claiming to be affected by his scheme were vulnerable elderly customers. In total, the SEC states that Schmidt received more than $230,000 in brokerage commissions from the elderly clients.

The SEC's original complaint was filed in federal district court in the Southern District of Ohio and is charged with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5. The SEC is requesting a judgment that would require Schmidt to pay civil penalties and disgorge the money he fraudulently received from his elderly clients.

Prior to becoming charged, Schmidt worked as an investment broker with Wells Fargo Advisors Financial Network in Dayton, Ohio from 2006 to 2017. He was terminated from his position in November 2017, according to his BrokerCheck report.

Did You Lose Money While Investing with John Schmidt?

If you lost money investing with John Schmidt, Meyer Wilson may be able to assist you to recover your losses. Give our office a call today at (800) 738-1960 to speak to one of our experienced investment fraud attorneys.

Related Posts:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation

Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
6140 Parkland Blvd.,
Suite 330
Mayfield Heights, OH 44124
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
Follow Us
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram