The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker George Schmidt. According to his publicly available FINRA BrokerCheck report, George Schmidt has been the subject of multiple customer disputes.

George Schmidt was a New York based securities broker. He worked in the securities industry for thirty-six years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • The Equitable Life Assurance Society of the United States (1983-2000)
  • AXA Advisors (1983-2000)
  • 1717 Capital Management Company (2000-2002)
  • Hornor, Townsend & Kent (2002-2012)
  • Lincoln Financial Advisors Corporation (2012-2019)

The Allegations 

  • In June 2010, a customer alleged that George Schmidt recommended she purchase a variable annuity that was highly unsuitable given her age, financial situation, investment experience, and risk tolerance. This particular annuity lost almost 57 percent of its value between February 2008 and March 2010. This case was settled for $166,400 in damages.
  • In October 2019, a customer alleged that George Schmidt breached his fiduciary duty and made unauthorized withdrawals from two annuities. This case is currently pending. The customer is seeking almost $1.2 million in damages.
  • In November 2019, George Schmidt was terminated from his position at Lincoln Financial Advisors. This termination followed allegations that he misappropriated funds while serving as Trustee for an investor that was not a family member.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with George Schmidt, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.