DID GEORGE ANTHONY SCHMIDT CAUSE YOU INVESTMENT LOSSES?
George Schmidt Formerly With Lincoln Financial Advisors Has 4 Customer Complaints For Alleged Broker Misconduct
Who is George Schmidt formerly with Lincoln Financial Advisors?
George Schmidt (CRD #1082936) who was formerly registered with Lincoln Financial Advisors and located in Melville, New York is a subject of one of our many securities industry sales practice abuse investigations.
George Schmidt has also been the subject of a FINRA investigation and refused to respond to FINRA’s request for information. Consequently, he was permanently barred from association with any member firm in any capacity.
George Schmidt Customer Complaints
George Schmidt has been the subject of 4 customer complaints that we know about. Two of George Schmidt’s 4 customer complaints were settled in favor of investors. One of George Schmidt’s customers’ complaints was denied and, to date, the customers have not taken any further action. There is currently one pending customer complaint filed against Lincoln Financial Advisors for investment losses caused by George Schmidt’s alleged misconduct.
Allegations Against George Schmidt
A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:
- Arbitration names PMG Securities as a respondent. Claimants alleged, however, that George Schmidt held himself out as a registered representative properly licensed with PMG Securities and who handled the claimant’s investments. The claimants allege, among other things, that PMG, through its unlicensed agent Mr. Schmidt, represented to claimants that they would have a fixed annuity for a period of one year and then would have an opportunity to determine how to invest the funds with the variable annuity component thereafter. Respondent PMG ignored claimants’ wishes and embarked on a plan to transfer funds to the variable annuity component almost immediately. The funds were allocated to sub accounts consisting of high-risk aggressive growth mutual funds totally unsuitable for the claimants and more importantly, were unauthorized. Claimants further alleged that PMG through George Schmidt prepared false and fraudulent documentation and engaged in forgeries of the claimants and also of Denise Fleming, another agent of PMG. Note that the alleged compensatory damages are disclosed as zero.
- Claimant alleged LFA and George Schmidt breached their fiduciary duties in regard to an account and George Schmidt made unauthorized withdrawals from two annuities.
- Client alleged he purchased a variable life insurance policy based on George Schmidt’s representation that he would pay scheduled annual premiums on this policy for six years, at which time no further money would be due. Client alleged he has now been advised that the policy lapsed and he would have to pay an additional $80,000 to keep the policy in force. Client is requesting the firm to either put the policy back into effect or that all money applied to this policy be returned.
- Client alleged that the variable annuity that she purchased (by a transfer from an annuity within an IRA from another carrier) was unsuitable given her age, financial condition, investment experience and overall risk tolerance.
George Schmidt Red Flags & Your Rights As An Investor
Of course, George Schmidt did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of George Schmidt at Lincoln Financial Advisors on alert to review carefully the activity and performance of their accounts and question whether George Schmidt has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Lincoln Financial Advisors also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At Lincoln Financial Advisors Due To George Schmidt
If you have questions about Lincoln Financial Advisors and/or George Schmidt and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
Rate this Post
Loading...