Did Paul Andrew Schmitz Cause You Investment Losses?
Paul Andrew Schmitz of Lafayette, Louisiana submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $15,000 and suspended from association with any FINRA member in all capacities for one month. The sanctions were based on findings that he participated in a private securities transaction without approval in violation of FINRA Rules 3280 and 2010. The suspension was in effect from February 1, 2021, through February 28, 2021.
In April 2005, Paul Andrew Schmitz joined Wells Fargo Advisors Financial Network, LLC where he was registered as a General Securities Representative and a General Securities Sales Supervisor. The firm later filed a Uniform Termination Notice (Form U5), disclosing that Schmitz had been terminated due to alleged misconduct. According to FINRA findings, Schmitz invested $70,614 to purchase interests in a private placement involving life insurance viatical settlements, which entitled himself and other investors to split the death benefits of certain, pre-selected life insurance policies. The findings state that the transaction occurred outside the scope of his employment with Wells Fargo as Schmitz did not seek approval or provide the firm with written notice.
Do You Need a Louisiana Private Placement Investment Dispute Attorney?
FINRA Rule 3280 prohibits an associated person from “participating in any manner in a private securities transaction,” unless, prior to participating in the transaction, the associated person provides written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein.” Under FINRA Rule 3280(e), the term “private securities transaction” means “any securities transaction outside the regular course or scope of an associated person’s employment with a member.” A violation of FINRA Rule 3280 also constitutes a violation of FINRA Rule 2010, which requires associated persons in the conduct of their business to observe high standards of commercial honor and just and equitable principles of trade.
Are you a Lafayette, Louisiana investor who has suffered significant losses in your stock brokerage and investment accounts? Did your [State] stockbroker or investment advisor misrepresent or mislead you about an investment in a Private Placement or make an unsuitable recommendation that you invest in a Private Placement like GPB Capital Holdings or EquiAlt or otherwise mismanage your investment account? If so, you will need to have representation by an experienced, highly rated and nationally recognized FINRA securities arbitration law attorney—an attorney who understands these highly complex and risky Private Placement investments. You need an experienced lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues.
Free Initial Consultation With Experienced Private Placement Investment Attorneys Serving Lafayette, Louisiana Residents In FINRA Arbitration Proceedings
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Louisiana, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Louisiana citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.
Robert Wayne Pearce
Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $140 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.
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