John G. Schmidt, Formerly of Wells Fargo, Allegedly Orchestrated a Million Dollar Ponzi Scheme

John Schmidt, 67, and formerly of Wells Fargo, allegedly ran a $1 million Ponzi scheme,  according to a statement from the office of the prosecuting attorney of Montgomery County, Ohio under review by investor rights attorney Alan Rosca.

John Schmidt was also charged with 128 felony counts in connection to the alleged fraud, the statement notes, including 124 alleged counts of forgery, two counts of alleged theft from an elderly or disabled adult, one count of alleged telecommunications fraud, and one count of alleged fraud or deceit by an investment adviser.

Cleveland investor rights lawyer Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to John Schmidt’s alleged Ponzi scheme. Investors who believe they may have lost money in activity related to John Schmidt’s alleged Ponzi scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

John Schmidt Allegedly Created & Falsified Financial Statements to Investors; Schmidt Has Been Barred by FINRA & Terminated by Wells Fargo

John Schmidt also allegedly made false financial statements to investors, and also allegedly sold securities without the prior knowledge or authorization of the investors, according to Reports from Montgomery County, Ohio.

Schmidt also allegedly received commissions on said transactions of nearly $250,000, the Reports note.

FINRA also barred Schmidt last March and the SEC charged him in September with allegedly defrauding retail brokerage clients of up to $1 million, the SEC notes.

The SEC alleges that said scheme was allegedly orchestrated between 2003 and 2017, and further states that he allegedly used this scheme to pilfer roughly $1.1. million from seven customers, many of whom were elderly, the SEC notes.

John Schmidt was registered with Wells Fargo in Dayton, Ohio from December 2006 until October 2017, and also worked with Stifel Nicolaus in Dayotn, from May 2002 to December 2006, FINRA notes. Schmidt has also been the subject of several customer complaints and was subsequently terminated by Wells Fargo for said alleged conduct, FINRA states.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating John Schmidt’s alleged Ponzi scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of John Schmidt’s alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

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