Stoltmann Law Offices is investigating Joseph C. Schroeder, who entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to his AWC, from June 2009 until March 2010, Schroeder recommended and sold $300,000 worth of convertible promissory notes in Titan Energy to investors, 12 of whom were firm customers. The notes had one or two year maturity dates. After recommending these to customers, Schroeder wired their funds from Wunderlich Securities (where he was employed) to Titan Energy. He then received compensation from Titan for the transactions.
Also, in February 2012, Schroeder solicited and received a $10,000 loan from a firm customer without receiving written approval from his firm. For these actions, he was suspended from associating with any member firm in any capacity for 12 months and fined $20,000. A broker participating in private securities transactions is also referred to as “selling away,” and occurs when a broker solicits investors to purchase securities not offered by his member firm. This is a violation of securities regulations. Borrowing money from a firm customer is also a violation of securities industry rules and regulations.
Joseph Schroeder was registered with Dean Witter Reynolds from August 1984 until September 1987, Salomon Smith Barney in New York, New York from October 1987 until September 1999, UBS Financial Services in Weehawken, New Jersey from September 1999 until December 2005, Riverstone Wealth Management in Austin, Texas from December 2005 until September 2008 and Wunderlich Securities in Plano, Texas from August 2008 until August 2013. He is not currently registered with any firm and he has two customer disputes against him. He is not licensed within the industry. If you would like to sue Joseph C. Schroeder, please call us at 312-332-4200 to speak to an attorney. His former firm, Wunderlich Securities, may be liable for money losses, as they had a duty to reasonably supervise him while he was employed there. We are securities attorneys based in Chicago, Illinois. The call is free.
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