Andy Schmitz (CRD #: 1504838), a broker registered with Raymond James Financial Services in Lafayette, Louisiana, was suspended by FINRA, according to his BrokerCheck record, accessed on February 26, 2021. He was suspended over allegations of private securities transactions and outside business activities. This is his second disclosure related to outside business activities – please get in touch with our firm if you or someone you know has invested in the outside businesses listed below.
On January 8, 2021, Andy Schmitz entered into an Acceptance, Waiver & Consent agreement (AWC) with FINRA, in which he consented to the findings that he personally invested $70,614 in a private placement without providing prior written notice to his member firm. According to FINpRA Rule 3280, representatives are not allowed to participate in private securities transactions without providing written notice to their firm. The private placement involved life insurance viatical settlements. These settlements entitled Schmitz and other investors to split benefits of certain pre-selected life insurance policies.
The findings also stated that Schmitz participated in an outside business activity that involves a commercial rental property that he owned and controlled through a trust.
In a firm compliance questionnaire, FINRA alleges that Schmitz answered “no” in response to a question about whether he was engaged in any outside activity, including ownership of any commercial or residential rental property.
As part of the terms of the AWC, Schmitz consented to a civil fine of $15,000 and a one-month suspension. You can read a copy of the AWC here.
Andy Schmitz is involved in the following outside business activities, according to his detailed BrokerCheck report.
- The Financial Solution Group
- QAM Holdings
- Commercial property in Freeport, Florida
- Trustee of Madelyne Schmitz
If you have invested in any of these companies, you can call (877) 238-4175 or email email@example.com for a free case evaluation.
On November 27, 2018, Andy Schmitz was fired from his position at Wells Fargo following allegations that Schmitz may have been involved in an unapproved outside business activity.
Andy Schmitz has passed the Series 65 Uniform Investment Adviser Law Examination, the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, the Series 15 Foreign Currency Options Examination, the Series 5 Interest Rate Options Examination, the Series 3 National Commodity Futures Examination, the Series 7 General Securities Representative Examination, the Series 10 General Securities Sales Supervisor – General Module Examination, and the Series 9 General Securities Sales Supervisor – Options Module Examination. He is a registered broker in 12 states and a registered investment adviser in Florida, Louisiana, and Texas.
During his 34 years in the securities industry, Schmitz has worked at the following firms:
- Raymond James Financial Services (CRD #: 6694)
- Raymond James Financial Services Advisors (CRD #: 149018)
- Wells Fargo Advisors Financial Network (CRD #: 11025)
- Wachovia Securities (CRD #: 19617)
- Prudential Securities (CRD #: 7471)
- Thomson McKinnon Securities (CRD #: 829)
If Andy Schmitz was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for a free case consultation with a securities attorney.