Wells Fargo Clearing Services Broker James R. Schaedler, Jr. Discharged by Firm, Barred by FINRA
Schaedler is alleged to have exercised undue influence with elderly client owning $2.3 million-dollar estate.
After 16 years in the securities industry, Wells Fargo Clearing Services broker James R. Schaedler is now indefinitely barred by the Financial Industry Regulatory Authority (FINRA). According to his FINRA BrokerCheck report, Schaedler was discharged by Wells Fargo Clearing Services in January 2017 for allegedly allowing his daughter to receive funds via check from a client, the majority of which were subsequently received by Schaedler himself.
Then in June 2017, a FINRA disciplinary action was filed which stated, “FINRA commenced an investigation in January 2016 into allegations that Schaedler exercised influence over a former elderly client, who ultimately amended her trust making Schaedler a partial beneficiary and the residual beneficiary of her $2.3 million-dollar estate. The investigation was later expanded to include allegations that Schaedler also improperly received a $200,000 gift from a second elderly client.”
When asked by FINRA to produce information and documents as requested by the regulatory authority, Schaedler violated industry rules and is indefinitely barred from acting as a broker or otherwise associating with firms that sell securities to the public.
Prior to his employment with Wells Fargo Clearing Services, LLC in Anaheim, CA. from July 2010 to January 2017, James Schaedler was employed by:
- Merrill Lynch, Pierce, Fenner & Smith, Inc. in Santa Ana, CA from October 2009 to July 2010
- Banc of America Investment Services, Inc. in Irvine, CA from September 2004 to October 2009
- Morgan Stanley DW Inc. in Purchase, NY from November 2000 to September 2004
If you suspect that you or someone you love is the victim of undue influence – especially in the case of elderly financial investors – it is essential that you work with an experienced securities arbitration and elder financial fraud attorney to understand your rights. You may be able to recover some or all of your losses through securities arbitration.
The attorneys at Silver Law Group are leaders in the field of securities arbitration and elder financial fraud cases. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities, and Financial Fraud Group and routinely represents investors in securities arbitration claims. Contact us today to discuss your options.
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