Advisor Alert: Our Attorneys Are Investigating Douglas Gene Schmitz For Investment Fraud
Did You Lose Money Because of Douglas Schmitz?
Filed: March 6, 2024
Douglas Schmitz (also known as Doug Schmitz) currently has one (1) pending customer complaint and one (1) pending financial event. Overall, he has been the subject of one (1) regulatory event, four (4) customer complaints, and one (1) financial event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Douglas Gene Schmitz.
Who Is Douglas Gene Schmitz of Classic Asset Management, LLC and Classic, LLC?
- Advisor Name: Douglas Gene Schmitz
- Aliases: Doug Schmitz
- CRD: 1771132
- Location: Fargo, North Dakota
- Current Employer: Classic Asset Management, LLC and Classic, LLC
- Previous Firms: Northstar Financial Partners, Inc., Fintegra, LLC, and Questar Asset Management, Inc.
- Number of Known Customer Complaints: 4
- Number of Known Regulatory Events: 1
- Number of Known Financial Events: 1
- Can Douglas Schmitz Be Sued: Yes, in Private Arbitration
- Can Douglas Schmitz’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $750,000
- Highest Settlement: $275,000
If you have suffered investment losses by Douglas Schmitz, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a failure to supervise lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Douglas Schmitz For Broker Misconduct
As of this publication date, Douglas Schmitz has been the subject of 4 customer disputes, 1 regulatory event, and 1 financial event. Let’s review them below.
In February 2024, a FINRA arbitration was filed against or in reference to Douglas Schmitz by a customer of Classic, LLC alleging negligence, gross negligence, breach of fiduciary duty, breach of contract, fraud, negligent misrepresentations, negligent supervision, and violations of State, SEC, and FINRA rules including, but not limited to: violations of 10-04-15 of the North Dakota Securities Act of 1951, Section 206(4) of and Rule 206(4)-7 under the Investment Advisers Act of 1940, FINRA Rule 2010, Standards of Commercial Honor and Principals of Trade: FINRA Rule 2111, Suitability; FINRA Rule 3010, Supervision; and FINRA Rule 2020, Use of Manipulative, Deceptive or Other Fraudulent Devices. Per the customer, he/she lost over $130,000 because of Mr. Schmitz’s actions. As of this publication date, this claim remains pending.
In May 2023, United States Securities And Exchange Commission initiated a regulatory action against or in reference to Douglas Schmitz for alleged breaches of the fiduciary duty.
In August 2020, a complaint was filed against or in reference to Douglas Schmitz by a customer of Classic, LLC alleging lack of fiduciary responsibility. Per the customer, he/she lost over $40,000 because of Mr. Schmitz’s actions.
In July 2020, a complaint was filed against or in reference to Douglas Schmitz by a customer of Classic, LLC alleging that Mr. Schmitz did not follow directions to liquidate the account. Per the customer, he/she lost over $5,200 because of Mr. Schmitz’s actions.
In April 2020, a complaint was filed against or in reference to Douglas Schmitz by a customer of Classic, LLC alleging a trade execution failure in February 2020. Per the customer, he/she lost over $750,000 because of Mr. Schmitz’s actions. On November 23, 2020, Mr. Schmitz settled the claim for $275,000, and some or all of this amount may have been paid by Mr. Schmitz’s employer and/or insurance carrier.
In September 2015, Douglas Schmitz filed for bankruptcy in the US Bankruptcy Court.
How To File A Claim Against Douglas Schmitz of Classic Asset Management, LLC and Classic, LLC (previously with Northstar Financial Partners, Inc., Fintegra, LLC, and Questar Asset Management, Inc.) To Get Your Money Back
If you have questions about Douglas Schmitz, Classic Asset Management, LLC, Classic, LLC, Northstar Financial Partners, Inc., Fintegra, LLC, Questar Asset Management, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.