Advisor Alert: Our Attorneys Are Investigating Kevin Joseph Schaefer For Investment Fraud
Did You Lose Money Because of Kevin Schaefer?
Filed: February 1, 2024
Kevin Schaefer has been the subject of six (6) customer complaints. 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 Kevin Joseph Schaefer.
Who Is Kevin Joseph Schaefer of Wells Fargo Clearing Services, LLC?
- Advisor Name: Kevin Joseph Schaefer
- Aliases: Kevin Schaefer
- CRD: 1286030
- Location: San Francisco, California
- Current Employer: Wells Fargo Clearing Services, LLC
- Previous Firms: Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Smith Barney
- Number of Known Customer Complaints: 6
- Can Kevin Schaefer Be Sued: Yes, in Private Arbitration
- Can Kevin Schaefer’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $1,000,000
- Highest Settlement: $600,000
If you have suffered investment losses by Kevin Schaefer, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty 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 Kevin Schaefer For Broker Misconduct
As of this publication date, Kevin Schaefer has been the subject of 6 customer disputes. Let’s review them below.
In June 2020, a FINRA arbitration was filed against or in reference to Kevin Schaefer by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging unsuitable investment recommendations, failure to follow instructions and misrepresentations from 2012 until 2020. Per the customer, he/she lost over $300,000 because of Mr. Schaefer’s actions. On May 4, 2021, Mr. Schaefer settled the claim for $150,000, and some or all of this amount may have been paid by Mr. Schaefer’s employer and/or insurance carrier.
In June 2020, a FINRA arbitration was filed against or in reference to Kevin Schaefer by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging unsuitable investment recommendations and misrepresentations. Per the customer, he/she lost over $1,000,000 because of Mr. Schaefer’s actions. On February 9, 2022, Mr. Schaefer settled the claim for $75,000, and some or all of this amount may have been paid by Mr. Schaefer’s employer and/or insurance carrier.
In January 2017, a complaint was filed against or in reference to Kevin Schaefer by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging misrepresentation and unsuitable investment recommendations from September 2012 to December 2016.
In May 2008, a complaint was filed against or in reference to Kevin Schaefer by a customer of UBS Financial Services Inc. alleging that the bonds (auction rate securities) were to be safe investments and not shares of stock. The client further states that had if it been explained that these bonds could reset to lower interest rates, he would not have made the purchase. Per the customer, he lost over $5,000 because of Mr. Schaefer’s actions. On December 23, 2008, Mr. Schaefer settled the claim for $600,000, and some or all of this amount may have been paid by Mr. Schaefer’s employer and/or insurance carrier.
In February 2000, a complaint was filed against or in reference to Kevin Schaefer by a customer of Painewebber alleging fraudulent nondisclosure, misrepresentation, and suitability.
In August 1996, a NASD arbitration was filed against or in reference to Kevin Schaefer by multiple customers of Painewebber Incorporated alleging fraudulent non-disclosure, negligent misrepresentation, breach of fiduciary duty, and failure to supervise with regard to their trading in the common stock of Syntech for the time period September 1993 through March 1996 and seek compensatory damages in excess of $100,000 and punitive damages. On March 15, 1997, Mr. Schaefer settled the claim for $14,000, and some or all of this amount may have been paid by Mr. Schaefer’s employer and/or insurance carrier.
How To File A Claim Against Kevin Schaefer of Wells Fargo Clearing Services, LLC (previously with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Smith Barney) To Get Your Money Back
If you have questions about Kevin Schaefer, Wells Fargo Clearing Services, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Smith Barney, 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.