DID STEVEN WALLACE SCHMITT CAUSE YOU INVESTMENT LOSSES?
Who is Steven Schmitt of Raymond James & Associates, Inc.?
Steven Schmitt (CRD #4486457) , located in Paramus, New Jersey, has been registered in the securities industry since 2001. He is currently employed by Raymond James & Associates, Inc., as an investment adviser and a registered broker since November 9, 2022. Previously, he was associated with Morgan Stanley (2016–2022) and Wells Fargo Advisors, LLC (2004–2016), among others. He has passed four securities industry exams: three general industry/product exams, including the Series 7 and Futures Managed Funds Examination (Series 31), and one multi-state securities law exam (Series 66). He holds registrations with five self-regulatory organizations (SROs) and is licensed in 52 U.S. states and territories. He also holds a Certified Financial Planner designation.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Steven Schmitt Customer Complaints and Reviews
Steven has one disclosure in his FINRA report, a pending customer dispute.
- Dispute Filed: December 18, 2023.
- Complaint: The claimant alleges that the investment strategy executed in their managed/wrap accounts between 2018 and 2022 was unsuitable.
- Alleged Damages: $385,161.
- Status: Pending under FINRA Docket/Case #23-03566.
- Broker’s Response: The case is under arbitration, and no resolution has been reached yet.
Allegations Against Steven Schmitt
The pending customer dispute against Steven Wallace Schmitt raises significant concerns regarding the suitability of investment strategies. Key points include:
- Unsuitability of Investments: The claimant alleges that the investment strategy implemented was inappropriate for their needs or goals, leading to financial losses of $385,161.
- Time Frame: The issue pertains to account activities over a four-year period (2018–2022), suggesting a prolonged period of alleged mismanagement.
The matter is currently under FINRA arbitration, leaving the allegations unresolved and unverified at this time.
Steven Schmitt Red Flags & Your Rights As An Investor
Of course, Steven Schmitt 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 Steven Schmitt at Raymond James & Associates, Inc. and Morgan Stanley on alert to review carefully the activity and performance of their accounts and question whether Steven Schmitt has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Raymond James & Associates, Inc. and Morgan Stanley 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.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Raymond James & Associates, Inc. Due To Steven Schmitt
If you have questions about Raymond James & Associates, Inc., Morgan Stanley and/or Steven Schmitt 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.
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