Advisor Alert: Our Attorneys Are Investigating William Charles Schumann For Investment Fraud
Did You Lose Money Because of William Schumann?
Filed: March 19, 2024
William Schumann currently has one (1) pending customer complaint. Overall, he has been the subject of five (5) 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 William Charles Schumann.
Who Is William Charles Schumann of Cetera Investment Advisers LLC and Cetera Financial Specialists LLC?
- Advisor Name: William Charles Schumann
- Aliases: William Schumann
- CRD: 1604894
- Location: Wheaton, Illinois
- Current Employer: Cetera Investment Advisers LLC and Cetera Financial Specialists LLC
- Previous Firms: Grove Point Advisors, LLC, Grove Point Investments, LLC, and H. Beck, Inc.
- Number of Known Customer Complaints: 5
- Can William Schumann Be Sued: Yes, in Private Arbitration
- Can William Schumann’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $300,000
- Highest Settlement: $87,500
If you have suffered investment losses by William Schumann, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker 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 William Schumann For Broker Misconduct
As of this publication date, William Schumann has been the subject of 5 customer disputes. Let’s review them below.
In January 2024, a FINRA arbitration was filed against or in reference to William Schumann by multiple customers of Grove Point Investments, LLC alleging unsuitability, overconcentration, breach of fiduciary duty, and negligence. Per the customers, they lost over $300,000 because of Mr. Schumann’s actions. As of this publication date, this claim remains pending.
In December 2022, a complaint was filed against or in reference to William Schumann by a customer of H. Beck, Inc. alleging poor performance and misrepresentation of the fee structure and liquidity of non-traded REIT and BDC investments. Per the customer, he/she lost over $160,000 because of Mr. Schumann’s actions.
In February 2019, a FINRA arbitration was filed against or in reference to William Schumann by a customer of H. Beck, Inc. alleging losses arising from alleged unsuitable recommendations of alternative investments and failure to conduct appropriate supervision and product diligence from approximately October 2010 to December 2014. Per the customer, he/she lost over $100,000 because of Mr. Schumann’s actions. On January 8, 2020, Mr. Schumann settled the claim for $87,500, and some or all of this amount may have been paid by Mr. Schumann’s employer and/or insurance carrier.
In December 2016, a FINRA arbitration was filed against or in reference to William Schumann by a customer of H. Beck, Inc. alleging that Mr. Schumann recommended unsuitable investments in mutual funds, a non-traded REIT and a variable annuity – investments that were inconsistent with client’s desire to preserve capital and liquidity. Per the customer, he/she lost over $63,000 because of Mr. Schumann’s actions. On June 15, 2017, Mr. Schumann settled the claim for $27,000, and some or all of this amount may have been paid by Mr. Schumann’s employer and/or insurance carrier.
In May 2016, a complaint was filed against or in reference to William Schumann by a customer of H. Beck, Inc. alleging unsuitable investment in variable annuity. Per the customer, he/she lost over $20,000 because of Mr. Schumann’s actions.
How To File A Claim Against William Schumann of Cetera Investment Advisers LLC and Cetera Financial Specialists LLC (previously with Grove Point Advisors, LLC, Grove Point Investments, LLC, and H. Beck, Inc.) To Get Your Money Back
If you have questions about William Schumann, Cetera Investment Advisers LLC, Cetera Financial Specialists LLC, Grove Point Advisors, LLC, Grove Point Investments, LLC, H. Beck, 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.