Stoltmann Law Offices is investigating Jon Schmidhammer, a registered broker with Stifel, Nicolaus & Company in Dublin, Ohio. Schmidhammer was arrested yesterday in Upper Arlington, Ohio, after confessing to stealing more than $500,000 from one of his elderly clients. Upper Arlington, Ohio police revealed that PNC Bank officials met with the 81-year-old client after there was suspicious bank activity in her account and checks written from it. The woman revealed that she did not consent to money being taken out of her account. Schmidhammer was accused of the theft, and confessed to the crime after being confronted by police. He told authorities and bank officials that he transferred the $500,000 in question from another financial institution to a PNC bank and then withdrew it for himself. He has since been charged with theft.
Previously, in 2004, Schmidhammer was the subject of a regulatory action and was sanctioned $10,000 for inappropriately extending credit to a customer to satisfy margin requirements and for misleading his firm, Salomon Smith Barney, in an attempt to avoid detection. In 2001, there was a separate dispute against him, while he was employed with Salomon Smith Barney.
According to Jon Schmidhammer’s Financial Industry Regulatory Authority (FINRA) online, public BrokerCheck report, he was previously registered with Security First Financial from September 1986 until August 1987, Advest Inc. in Hartford, Connecticut from October 1987 until July 1992, Lehman Brothers in New York, New York from June 1992 until July 1993, Salomon Smith Barney in New York from July 1993 until August 2002, UBS in Weehawken, New Jersey from August 2002 until November 2004, Advest in Hartford from November 2004 until March 2006 and Merrill Lynch, Pierce, Fenner & Smith Inc. in Upper Arlington, Ohio from March 2006 until May 2009. As of today, he is still listed as being registered with Stifel, Nicolaus in Dublin, Ohio since May 2009.
If you or anyone you know invested money with Jon Schmidhammer, please call our law offices today to speak to an attorney for free. There is no obligation with the call. Time is of the essence with these types of cases because there is typically a statute of limitations. We are securities attorneys who represent investors who have lost money because of brokers who participate in theft and other transgressions. We may be able to help you bring a claim against Schmidhammer’s firm, Stifel, Nicolaus, for failing to reasonably supervise him and allowing him to steal money from clients. The firm may be responsible for financial losses. We sue firms like Stifel, Nicolaus in the FINRA arbitration forum for clients on a contingency fee basis which means we only get paid if you recover your losses. 312-332-4200.