Financial Advisor Jon Schmidhammer (Stifel, Nicolaus & Company, Incorporated) Customer Complaints

• July 10, 2018
• Breach of Fiduciary Duty
• Broker Discipline
• Fraud
• Sanction

The Wolper Law Firm, P.A. is currently investigating claims against Jon Schmidhammer, a former Financial Advisor at Stifel, Nicolaus & Co. in Dublin, Ohio.  Jon Schmidhammer first entered the securities industry in the 1980s and previously worked for Merrill Lynch, Advest and UBS Financial Services.

According to publicly available records released by the Securities Exchange Commission (SEC), on July 10, 2018, the SEC instituted proceedings against Jon Schmidhammer, alleging:

“On March 14, 2017, in the criminal division of the Court of Common Pleas for Franklin County, Ohio, Schmidhammer pled guilty to one count of unlawful securities practices, a second degree felony. State of Ohio v. Jon B. Schmidhammer, Case No. 16-CR-004165. On May 4, 2017, the court entered judgment against Schmidhammer and sentenced him to five years of “Community Control Under Basic Supervision,” pursuant to which he was ordered to serve thirty consecutive weekends at the county jail and a term of post-release supervision. The court also ordered Schmidhammer to pay $196,387.25 in restitutio.”

The SEC barred Jon Schmidhammer from working as a Financial Advisor.

https://www.sec.gov/litigation/admin/2018/34-83552.pdf

In addition, Jon Schmidhammer has been subject to a prior customer complaint.  In 2016, a customer alleged, “negligence, unsuitable management, unauthorized trading, violations of the Ohio Securities Act, breach of contract, breach of fiduciary duty, and conversion.”  The matter was settled for $499,000.

https://brokercheck.finra.org/individual/summary/1548931#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of Jon Schmidhammer, and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  His industry insight, experience and knowledge gives his clients a competitive advantage.