Fraud Charges Filed Against Two Financial Advisors

Todd Schoenberger, a former financial advisor with USAA Investment Management Company in San Antonio, Texas, was recently barred from the securities industry for allegedly soliciting clients to invest in promissory notes issued by LandColt Capital, an unregistered advisory firm. He allegedly promised that the notes would be repaid by a private fund launched by him at a later time. He used $67,000 of the $130,000 he secured for personal use. Before being registered with USAA, Schoenberger was registered with Merrill Lynch, Legg Mason Wood Walker, Rydex Distributors, Annuitynet Insurance Agency and Investors Security Company. He has two customer disputes against him. The Securities and Exchange Commission (SEC) permanently barred him from acting as a broker or investment adviser, or associating with firms that sell securities or provide investment advice to the public because of the charges against him.

Michael Thomas, another financial advisor was charged with misrepresenting his achievements to investors and clients. He told the clients he was named as a “Top 25 Rising Business Star” by Fortune magazine, when the award does not actually exist. If you would like to sue Todd Schoenberger or Michael Thomas, or USAA Investment Management Company, you may do so by calling us at 312-332-4200. We are securities attorneys who help investors recover financial losses.

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