Have you suffered losses as a result of investments purchased through former broker Jeffrey Dean Schrader? If so, The White Law Group may be able to help recover your losses through a FINRA arbitration claim against the brokerage firm that employed Schrader.
The Financial Industry Regulatory Authority (FINRA) has permanently barred Jeffrey Dean Schrader from working in the securities industry in connection with securities sold in an alleged ponzi scheme. While working for Western International Securities, Schrader allegedly sold clients investment funds in Liberty State Benefits of Pennsylvania through his company, Schrader Wealth Management.
Schrader purportedly targeted retired clients and promised them returns of 12% per year. Unfortunately for investors, Schrader failed to perform due diligence on the Liberty notes which appear to have been only a classic example of a ponzi scheme.
Furthermore, according to FINRA, Schrader failed to inform Western that he was conducting business outside the firm by selling the unapproved Liberty notes. When confronted by Western, Schrader provided false information and failed to disclose the $14,500 in commissions he earned, and an additional $97,100 from the same issuer labeled as commissions, fees and other remuneration.
When a broker, like Schrader, conducts business outside of the brokerage firm he is registered with, the act can be considered “selling away.” If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision and responsible for investment losses in a FINRA dispute resolution claim.
According to Schrader’s BrokerCheck report, he worked with Western International Securities from 03/2009 – 02/2014, Merrill Lynch from 11/2005 – 03/2009, and Ryan Beck & Co from 08/1998 – 12/2005.
If you were a client of Jeffrey D. Schrader and would like to discuss your litigation options, please call the securities attorney 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/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.Tags: broker Jeffrey Schrader, Jeffrey Schrader bar, Jeffrey Schrader fraud, Jeffrey Schrader investigation, Jeffrey Schrader investments, Jeffrey Schrader lawsuit, Jeffrey Schrader losses, Jeffrey Schrader ponzi scheme, Jeffrey Schrader trouble, Jeffrey Schrader wrongdoing, Liberty State Benefits of Pennsylvania investigation, Liberty State Benefits of Pennsylvania lawsuit, Liberty State Benefits of Pennsylvania losses, Liberty State fraud, Liberty State investment losses, Liberty State notes, Liberty State ponzi scheme, Liberty State recovery, Liberty State value Last modified: July 17, 2015