Allegations Against Daniel C. Schmid

FINRA investigated Schmid regarding allegations that he borrowed $25,000 from a firm customer to finance a business venture.  Generally, advisors cannot borrow money from customers, with limited exceptions.  Moreover, advisors must get pre-approval from their firms to borrow money from customers.  FINRA also alleged that Schmid provided false testimony during FINRA’s investigation and failed to produce responsive documents.

As such, FINRA barred Daniel Schmid from the securities brokerage industry. 

Background on Daniel Schmid

Daniel C. Schmid was licensed with Northwestern Mutual from August 2016 to October 2024 at a Minneapolis, Minnesota office and was later licensed with Equitable Advisors.  He was discharged by Northwestern Mutual in October 2024.

Can Northwestern Mutual Be Responsible for Schmid’s Conduct?

Under FINRA Rule 3110, broker-dealers like Northwestern Mutual must reasonably supervise the activity of its advisors.  Northwestern Mutual could be responsible for investor losses if it failed to reasonably supervise him.

Israels & Neuman Can Help You Recover Investment Losses in Minnesota

We represent investors throughout the United States including Minnesota, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  We have represented numerous investors in Minnesota in the past.  If you were a client of Daniel C. Schmid and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Schmid’s BrokerCheck Report
• View Schmid’s FINRA AWC

Contact Us for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights. We have experience representing Minnesota investors and are ready to help you recover the money you deserve.