The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jon Schmidhamer. According to his publicly available FINRA BrokerCheck report, Jon Schmidhamer has been the subject of a customer dispute.
Jon Schmidhamer was an Ohio based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Securities First Financial (1986-1987)
- Advest, Inc. (1987-1992, 2004-2006)
- Lehman Brothers (1992-1993)
- Salomon Smith Barney (1993-2002)
- UBS Financial Services (2002-2004)
- Merrill Lynch (2006-2009)
- Stifel, Nicolaus & Company (2009-2016)
The Allegations
In October 2016, a customer alleged that Jon Schmidhamer handled their account negligently and unsuitably, executed trades without authorization, violated the Ohio Securities Act, breached contract, breached his fiduciary duty, and converted funds from their account. This case was settled for approximately $500,000 in damages.
The above mentioned fund conversion stands out most prominently within the list of allegations. When the allegations of stealing from his client first came to light, Jon Schmidhamer resigned from his position at Sifel, Nicolaus & Company.
Jon Schmidhamer eventually pled guilty to one count of unlawful securities practice–a second degree felony. He was sentenced to five years of “Community Control Under Basic Supervision” and ordered to serve thirty consecutive weekends at the county jail in addition to a term of post-release supervision. The court also ordered him to pay approximately $200,000 in restitution. He was also barred from acting as a securities broker in any fashion by both FINRA and the Securities and Exchange Commission.
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 Jon Schmidhamer, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
