Advisor Alert: Our Attorneys Are Investigating Michael Joseph Schmidt For Investment Fraud
Did You Lose Money Because of Michael Schmidt?
Filed: March 18, 2024
Michael Schmidt currently has five (5) pending judgment/lien events. Overall, he has been the subject of one (1) customer complaint, one (1) termination event, and five (5) judgment/lien events. 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 Michael Joseph Schmidt.
Who Is Michael Joseph Schmidt?
- Advisor Name: Michael Joseph Schmidt
- Aliases: Michael Schmidt
- CRD: 2403903
- Location: Milwaukee, Wisconsin
- Current Employer: Currently Not Registered
- Previous Firms: Morgan Stanley and Citigroup Global Markets Inc.
- Number of Known Customer Complaints: 1
- Number of Known Termination Events: 1
- Number of Known Judgment/Lien Events: 5
- Can Michael Schmidt Be Sued: Yes, in Private Arbitration
- Can Michael Schmidt’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: Unknown
- Highest Settlement: $65,000
If you have suffered investment losses by Michael Schmidt, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud 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 Michael Schmidt For Broker Misconduct
As of this publication date, Michael Schmidt has been the subject of 1 customer dispute, 1 termination event, and 5 judgment/lien events. Let’s review them below.
In January 2024, Morgan Stanley terminated Michael Schmidt for allegations regarding activity with respect to a family member’s account, including liquidations and transfers entered by Mr. Schmidt without receiving specific verbal authorization immediately beforehand so as to satisfy family expenses.
In December 2022, a FINRA arbitration was filed against or in reference to Michael Schmidt by a customer of Morgan Stanley Smith Barney alleging forgery and misappropriation of funds from inherited IRA account 2019-2022. On January 11, 2024, Mr. Schmidt settled the claim for $65,000, and some or all of this amount may have been paid by Mr. Schmidt’s employer and/or insurance carrier.
In August 2012, Michael Schmidt was the subject of a civil judgment or lien in the amount of $15,934.80. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In September 2011, Michael Schmidt was the subject of a civil judgment or lien in the amount of $1,735.99. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In November 2007, Michael Schmidt was the subject of a civil judgment or lien in the amount of $30,757.34. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In June 2007, Michael Schmidt was the subject of a civil judgment or lien in the amount of $16,482.79. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In April 2007, Michael Schmidt was the subject of a civil judgment or lien in the amount of $15,774.65. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
How To File A Claim Against Michael Schmidt (previously with Morgan Stanley and Citigroup Global Markets Inc.) To Get Your Money Back
If you have questions about Michael Schmidt, Morgan Stanley, Citigroup Global Markets 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.