Ohio Financial Advisor Arrested for Stealing $500,000 from Elderly Client

Jon Schmidhammer – Stifel Nicholaus

Have you suffered losses investing with Jon Schmidhammer? If so, The White Law Group may be able to help you to recover your losses by filing a FINRA arbitration claim against his former employer.

According to reports, financial adviser Jon Schmidhammer was arrested in Upper Arlington, Ohio on August 2nd, 2016 after he confessed to stealing more than $500,000 from an elderly client.

According to FINRA BrokerCheck, he worked for Stifel, Nicholaus, and Co. from May 2009 until he was left in August 2016. The broker report states, “Jon Schmidhammer resigned after his arrest for allegedly stealing money from a client.”

PNC Bank officials and police met with the 81-year-old woman about suspicious bank activity and checks written on her account. She told them she didn’t consent to money being taken from her account, according to reports.

Schmidhammer, when confronted, confessed to taking the money by transferring it from another financial institution to a PNC Bank and then withdrawing it. He was charged with theft, a charge that carries a maximum penalty of 11 years in prison.

Fortunately, for those investors that incurred losses investing with Schmidhammer may be able to recover those losses through the FINRA arbitration process.

Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).

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The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For a free case evaluation or to discuss any other investment losses, please contact The White Law Group, at 888-637-5510, or visit us on the web at www.whitesecuritieslaw.com.