Former LPL Broker Barred for Outside Business Activity

Posted on April 10th, 2015 at 10:24 AM
Former LPL Broker Barred for Outside Business Activity

From the Desk of Jim Eccleston at Eccleston Law LLC:

Raymond Daniel Schmidt, a former LPL Financial broker, has been permanently barred by FINRA. According to FINRA, between 2009 and 2012, Schmidt allegedly borrowed $2.3 million from seven clients to build a vacation rental property in Hawaii called "Pakalana Sanctuary”. He began the venture without notifying his former firm, LPL Financial. Schmidt allegedly told FINRA he would not cooperate with the investigation or provide documents pertaining to it.

Before working for LPL Financial from July 2006 until September 2014, Mr. Schmidt worked for Tower Square Securities, from April 2000 until July 2006. He no longer is registered with any member firm and is not licensed. 

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: LPL Financial, FINRA, James Eccleston

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Thank you for your professional assistance with this matter. You are very good at what you do.

John T.


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