Former Wells Fargo Broker Charged with 128 Felony Counts in Connection with Orchestrating Ponzi Scheme

Posted on January 7th, 2019 at 11:51 AM
Former Wells Fargo Broker Charged with 128 Felony Counts in Connection with Orchestrating Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former Wells Fargo broker, John G. Schmidt of Ohio has been charged with 128 felony counts, including 124 counts of forgery, in connection with perpetrating a $1 million Ponzi scheme.

According to prosecutors, Schmidt defrauded a number of customers, many of whom were elderly or had dementia. Moreover, Schmidt sold securities on behalf of his customers without their knowledge or authorization of the investments in order to receive commissions on those transactions of nearly a quarter million dollars.

Schmidt covered his tracks by creating and falsifying financial statements and used new investor money to pay back old customers in a Ponzi-scheme like manner.

Schmidt worked at Wells Fargo Advisors from December 2006 to November 2017 before he was barred last March by FINRA.  

Eccleston Law is investigating the fraudulent activities of John G. Schmidt. Those with information should contact our law firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, wells fargo

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