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Raymond Schmidt, LPL Financial, Has Regulatory Sanction

lpl-financialFINRA regulatory documents show that LPL Financial broker Raymond Schmidt, from California, has been permanently barred from providing financial advice. The investment recovery lawyers at StockBrokerLawyer.com are ready to help additional customers recover their investment losses in accounts managed by Mr. Schmidt (CRD# 3258497).

Raymond Schmidt spent almost 15 years providing financial advice. He worked almost the last decade at LPL Financial in Oceanside, California. He is currently not registered with any state or firm and he is not able to provide customer financial advice. StockBrokerLawyer.com is available to meet former customers of Raymond Schmidt in Oceanside, Carlsbad, La Jolla, and other surrounding areas.

FINRA documents further show that Raymond Schmidt has one regulatory sanction and two customer complaints.

In November 2015, a customer said that Raymond Schmidt, while employed at LPL Financial, breached his fiduciary duty, breached contract, committed constructive fraud, engaged in unfair business practices, violated California Corporations Law, and acted professionally negligent. The customer is seeking damages exceeding $850,400 in the pending complaint, a staggering sum for one client to assert as damages. The size of the claim is a significant “red flag” that should be considered.

In March 2015, FINRA sanctioned Raymond Schmidt following complaints that he “borrowed a total of $2,254,818.57 from [LPL Financial’s] customers for the purpose of purchasing real estate and constructing a vacation rental property on the premises, when the firm’s written procedures prohibited registered representatives from borrowing money from a customer subject to certain exceptions not applicable here.” These loan cases can be more a violation of policy than a risk to any customer. But, he also allegedly “falsely represented” that he did not own interests in the vacation property in a disclosure form to his member firm, and additionally failed to provide documents and information as requested by FINRA. He was permanently removed from the securities industry.

In 2014, a customer complained that Raymond Schmidt, while employed at LPL Financial, breached his fiduciary duty, breached contract, acted negligently in his account, causing damages.

If you have losses in your account, with this financial advisor, call (888) 986-7199 or write the investment recovery lawyers at StockBrokerLawyer.com for a free no-cost consultation. We can help recover your losses and seek other damages, too.

You can use the email form or chat on StockBrokerLawyer.com You may be entitled to recover your losses. We work on contingency: we are paid only when you are paid. Time is limited; delay is the favorite defense of the brokerage firms. Call 888-986-7199 now to speak to an attorney for a no cost evaluation.


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