About
Who We Are
Testimonials
Disclaimers
Attorneys
For Advisors
Broker Transition
Transition Contract Review
Employment Matters
State Registration Problems & Discipline
FINRA Matters
Promissory Note Matters
Team/Parnership Disputes
CFP Board Matters
FINRA Enforcement Matters
State Registration Problems & Discipline
Transition Contract Review
Broker Litigation & Arbitration
Employment Matters
Regulatory Matters
Strategic Consulting
Whistleblower Law
Promissory Note Matters
Compliance Protection
Lawyer Referral Network
Expungement of CRD/BrokerCheck Disclosures
For Investors
Securities Fraud
Breach of Fiduciary Duty
Retirement Planning Negligence
Unauthorized Trading
Lawyer Referral Network
News & Articles
News
Articles
Financial Counsel Blog
Videos
Newsletter Signup
Contact
Site Menu
About
Attorneys
For Advisors
For Investors
News & Articles
Contact

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

Return to Archive

Request a Free Consultation

Attorneys are standing by during regular business hours. Call us now for immediate service, or complete the form below and we will contact you as soon as possible.

 
Chicago
55 West Monroe St.
Suite 610
Chicago, Illinois 60603
(312) 332-0000
(312) 332-0003
New York City
One Liberty Plaza
165 Broadway, 23rd Floor
New York, New York 10006
(212) 203-9169
(312) 332-0003
Boca Raton
2255 Glades Road
Suite 324A
Boca Raton, Florida 33431
(312) 332-0000
(312) 332-0003
2019 © Eccleston Law, LLC.
All Rights Reserved.
The law is continuously changing. Please do not rely on information found on this site without consulting a lawyer to determine if any recent changes in the law may have an impact.