According to public records with the Financial Industry Regulatory Authority (FINRA), Raymond Schmidt was barred from the industry for allegedly borrowing money from clients, which he then used to purchase real estate in Hawaii. Schmidt was registered with LPL in San Diego, California, and FINRA also brought a complaint against his supervisor, Michael Lincoln. FINRA alleged that Lincoln knew that Schmidt’s activities were outside the scope of the firm, but that he did not take any steps to investigate or report the transgressions. It was also alleged that Lincoln loaned funds to Schmidt for the same real estate investment in Hawaii. Lincoln agreed to pay a $15,000 fine and agreed to be suspended from the securities industry for four months, as well as a concurrent six-month suspension from serving in a principal capacity.
If you or someone you know invested money with Raymond Schmidt or with LPL Financial, please call our securities law offices at 312-332-4200 to speak to an attorney about your options of seeking legal recourse against the firm. We represent investors who have lost money with firms such as LPL and we do so on a contingency fee basis. LPL may be responsible for losses because the firm has a duty to reasonably supervise its representatives.
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