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Former LPL Broker Barred for Borrowing Clients' Money

Raymond Schmidt, formerly with LPL, was barred by the Financial Industry Regulatory Authority (FINRA) after he borrowed about $2.25 million from his clients. Schmidt failed to disclose to LPL that he was borrowing from customers over a three year period to build a luxury rental home in Hawaii. Schmidt was also obligated to notify FINRA about the rental home because it is considered an outside business activity, but failed to do so. FINRA made no accusations that Schmidt had failed to repay the borrowed monies. However, Schmidt has one customer complaint pending for $375,000 relating to the real estate in Hawaii.

If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.

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