JAMES SCHUMAKER of Cambridge Investment is SUSPENDED
Have you lost money with financial advisor James Schumaker from Lafayette, Indiana? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against James Schumaker. FINRA suspended Schumaker from the securities industry for 9 months and fined him $5,000.
Schumaker was being investigated regarding allegations that he allowed his father, Jeffrey Schumaker, to conduct securities business, despite the fact that Jeffrey Schumaker was statutory disqualified from the securities industry. James allowed his father to attend meetings with clients, discuss brokerage account strategy with clients, and email customers about business.
James Schumaker was a registered representative and financial advisor with Cambridge Investment Research from September 2018 to March 2019. He worked out of a branch office in Lafayette, Indiana. James Schumaker is now with Optivise Advisory Services. Jeffrey Schumaker was barred from the securities industry in 2014, regarding allegations that he misappropriated money from a homeowner’s association.
Broker-dealers like Cambridge Investment Research have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Ann Arbor, Michigan; Denver, Colorado; Seattle, Washington; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Indiana. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Cambridge Investment Research.