The Law Firm of David R Chase is investigating Ohio-based Cetera Advisors(CRD#10299) broker David Joseph Schmerber (CRD#2093918) after a customer filed a $1,000,000.00 million dollar FINRA arbitration against him.
According to Schmerber’s FINRA BrokerCheck report, the claimants filed a FINRA arbitration complaint in March 2017 against Schmerber alleging he invested their accounts in various complex and unsuitable speculative securities.
LPL Financial employed Schmerber from March 1997 until March of 2017. Schmerber operated out of LPL’s Centerville, Ohio branch. He is currently employed by Cetera Advisors LLC also based in Centerville.
Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.
When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there must be accountability. If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to stock broker fraud or misconduct. We work on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you have invested with David Joseph Schmerber and LPL Financial LLC and have lost money doing so, you may be able to recover some or all of your losses. My law firm is experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
The Law Firm of David R. Chase represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact David Chase for a free consultation at email@example.com or toll free at (800-760-0912).