George Schmidt (CRD#: 1082936), formerly a registered representative with Lincoln Financial Advisors Corporation (CRD#: 3978) in Melville, New York, has been terminated from his position at Lincoln Financial Advisors on November 19, 2019 after acting as a trustee for someone who was not a member of his immediate family member, according to his BrokerCheck report accessed on January 6, 2020. George Schmidt is not currently registered as a broker.George Schmidt
What happened to lead to George Schmidt’s termination from his role as a financial advisor? A customer filed a complaint against him on October 31, 2019, alleged that he breached his fiduciary duty and “made unauthorized withdrawals from two annuities.” The customer is seeking $1,191,674 in damages. On November 19, 2019, Lincoln Financial Advisor terminated George Schmidt “after [an] allegation of misappropriation related to undisclosed outside business activity serving as Trustee for a non-family member.”
The most recent dispute on George Schmidt’s BrokerCheck record is not the first time he has been involved in a dispute over annuities. On June 14, 2010, a customer filed a complaint against George Schmidt, alleging that the variable annuity she purchased was “unsuitable given her age, financial condition, investment experience and overall risk tolerance.” The client also alleges that the variable annuity “lost 57% of its value from February 2008 through March 2010, notwithstanding that the registered representative [George Schmidt] had assured her that he would be able to recoup the losses.” The customer sought $147,511, and the matter was ultimately settled for $166,400.83.
Over his 36 years in the securities industry, George Schmidt worked for five brokerage firms:

  • Lincoln Financial Advisors Corporation (CRD#: 3978) in Melville, New York
  • Hornor, Townsend & Kent, Inc. (CRD#: 4031) in East Islip, New York
  • 1717 Capital Management Company (CRD#: 4082) in Newark, Delaware – SEC registration status terminated on October 28, 2008
  • AXA Advisors, LLC (CRD#: 6627) in New York, New York
  • The Equitable Life Assurance Society of the United States (CRD#: 4039) in New York, New York – SEC registration status terminated on January 30, 2000

If George Schmidt was your broker and you have concerns about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email info@fkesq.com for your free case consultation.