Alex Schmidt worked in finance prior to attending to Fordham Law School. He obtained the Series 7 and 66 securities licenses and operated as a financial advisor specializing in asset allocation strategies with a focus on fixed income securities. Mr. Schmidt leveraged this experience in law school working in house at Oppenheimer as well as the law firm Bressler, Amery and Ross. While at Fordham in addition to serving as a Reservist in the US Army Military Police, Mr. Schmidt was also a member of the Fordham Law Securities Arbitration Clinic.
He presently specializes in securities and broker dealer law for both individual brokers and institutions, as well as individual customers. Mr. Schmidt's experiences in the securities industry as a broker and investment advisor have provided him with a unique insider perspective on essential aspects of customer disputes and investment fraud claims against broker dealers. His past work enables him to quickly ascertain whether a violation of FINRA rules or State or Federal Law has occurred. Mr. Schmidt also handles regulatory work for brokers and broker dealers. His regulatory practice includes brokers seeking U4/U5 reformation, expungement of their CRD's, as well as regulatory inquiries against brokers by securities regulatory agencies.
- Securities Law
- Arbitration & Mediation
- Criminal Law
- Free Consultation
- Credit Cards Accepted
- Contingent Fees
- New Jersey
-
- New York
-
- English: Spoken, Written
- Fordham University School of Law
- J.D.
-
- Lafayette College
-
- Hudson County Bar Association
- - Current
-
- New Jersey State Bar
- - Current
-
- Union County Bar Association
- - Current
-
- SIFMA
- - Current
-
- Series 7
- FINRA
- Series 66
- FINRA
- Q. My broker disappeared after I discovered fraudulent misrepresentations associated with my account. Who do I sue if I
- A: You may be able to file a claim against the broker dealer your broker was employed with. If your broker worked at a licensed broker dealer then certain claims you have against the broker can also be leveled against the brokerage firm in a FINRA arbitration. The brokerage firm may be responsible to pay the damages or investment losses in your account caused by the fraudulent activity if a panel of arbitrators concludes that fraudulent misrepresentation did in fact occur. If your broker was operating under his own auspices as an independent registered investment advisor things can become more problematic. Much will depend on whether the advisor was acting as anyone's agent when committing ... Read More
- Q. I recently learned my stockbroker has been sued in the past and he never disclosed this. When I confronted him, he told
- A: Whether a financial advisor registered with FINRA must report to his broker dealer or disclose on his brokercheck when they have” been sued” depends on 2 things:
1. The total settlement amount and whether the registered person was involved in an alleged sales practice violation
2. What the nature of your stockbrokers lawsuit consisted of?
Much will depend on what the broker was being sued for. Whether named in the caption of the lawsuit or not, the registered person must report an arbitration or civil lawsuit on his or her Form U4 if the action pertained to violation of FINRA rules or “sales practice violations”. The Form U4 is the Uniform Application for Securities Industry Registration ... Read More
- Q. What does 'churning' mean in the context of investment fraud?
- A: Churning in connection with investment fraud is simply when a customers investment advisor generates a high amount of trading activity in the customers investment account in order to collect more commissions. Churning is most commonly measured by checking the turnover ratio of the investment account. This formula measures the amount of trades in the investment account in a given time period relative to the total amount of assets being managed by the investment advisor. Churning is a violation of a FINRA and SEC rules as they pertain to the management of customer investment accounts. Churning violates FINRA Rule 2111 as a broker must believe an investment is suitable to a customers investment ... Read More
