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WARNING! Impending Investigation–RAYMOND D. SCHMIDT and LPL FINANCIAL

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26
Mar

WARNING! Impending Investigation–RAYMOND D. SCHMIDT and LPL FINANCIAL

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Raymond D. Schmidt and LPL Financial

Have you lost money with financial advisor Raymond D. Schmidt from Oceanside, California? We are currently investigating allegations made by FINRA (the Financial Industry Regulatory Authority) against Raymond Schmidt.  FINRA recently barred Schmidt from the securities industry for borrowing money from clients, which is a violation of securities regulations and against many securities brokerage firms’ policies.  FINRA alleged that Schmidt violated former NASD Rule 2370 and current FINRA Rules 3240 and 2010, which prohibit financial advisors from borrowing money from firm customers in most circumstances.  Schmidt was alleged to have used the money to purchase real estate in Hawaii.

Raymond D. Schmidt was a registered representative and financial advisor with LPL Financial from July 2006 to August 2014.  He “resigned” from LPL while it investigated this conduct.

Broker-dealers like LPL Financial 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, as well as internal firm policies.  When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Our attorneys have represented over one thousand investors who have been defrauded by their financial advisor or stockbroker.  While we have offices in Denver and the Seattle area, we have also previously represented clients throughout California, and we currently and have previously represented clients against LPL Financial.  If you have lost money with Raymond D. Schmidt or LPL Financial, and want to hear about ALL legal options, please visit https://www.israelsneuman.com  and go to our CONTACT page or call us at 720-599-3505.

Click to view:  Schmidt FINRA AWC

 

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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