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Written by 4:12 pm Blog, Securities Fraud Articles

NJ Broker Pleads Guilty to Fraud

According to FA-mag.com a former New Jersey borker, Randy Schneider recently plead quilty to theft by unlawful taking. Schneider allegedly stole nearly one million dollars from two elderly clients.

According to the report, Schneider worked for Oppenheimer & Co from January 2003 through October 2011, until he was fired when the firm discovered he had misappropriated checks from the two elderly clients.

As part of the plea agreement, Mr. Schneider agreed to pay restitution to his victims. However, it is unclear when Mr. Schneider will repay his victims or if he has the money to do so. As such, The White Law Group is investigating other avenues for victims to recover their losses.

The brokerage firm that employed Mr. Schneider had a legal responsibility to adequately supervise his activities. When a broker, like Mr. Schneider, misleads clients and misappropriates funds the brokerage firm may be liable for negligent supervision and responsible for investment losses.

If you were a client of Randy Schneider and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States. Our offices are located in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit the firm’s website at www.WhiteSecuritiesLaw.com.

Tags: , , , , , , , , , , Last modified: July 17, 2015