Another Former LPL Broker Barred | Cold Spring Advisory Group

Another Former LPL Broker Barred

March, 25, 2015

Another stock broker formerly associated with LPL Financial, LLC has been permanently barred from working in the securities industry in any capacity. Raymond Schmidt was a broker at LPL Financial from July, 2006 until September, 2014 when he was named in a Financial Regulatory Industry Authority (FINRA) complaint alleging breach of fiduciary duty, breach of contract, elder abuse, sale of unregulated securities and professional negligence and other regulatory violations in connection to a real estate investment in Hawaii.

According to Schmidt's FINRA BrokerCheck report, on March, 25, 2015, without admitting or denying FINRA's findings, he consented to the finding that he borrowed a total of $2,254,818.57 from LPL Financial clients to purchase real estate in Hawaii.