John Martin Schneider of Pittsburgh Pennsylvania is stockbroker formerly registered with PWA Securities Inc. and former representative of Private Wealth Advisors Inc. who is the subject of a Securities Exchange Commission (SEC) Investigation launched on July 13 2017 regarding Schneider’s leveraged exchange traded fund activities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Schneider has been referenced in five customer initiated investment related disputes containing accusations of his violative conduct while employed with PWA Securities, Inc. and Private Wealth Management, Inc. Particularly, on July 12, 2012, a customer filed an investment related written complaint involving Schneider’s conduct, in which the customer requested $200,000.00 in damages founded on allegations that the customer’s investment portfolio was allocated in unsuitable exchange traded fund positions, causing the customer to sustain investment losses.
Subsequently, on September 23, 2016, a customer initiated investment related written complaint regarding Schneider’s activities was resolved for $42,500.00 in damages based upon accusations that between June 1, 2010 and March 17, 2016, Schneider made unsuitable investment recommendations to the customer, mismarked order tickets as solicited by the customer, and placed exchange traded fund and mutual fund transactions in the customer’s account without the customer’s consent.
Thereafter, a customer initiated investment related arbitration claim regarding Schneider’s activities was resolved for $60,000.00 in damages supported by allegations that from June of 2010 to May of 2016, Schneider effected exchange traded fund transactions in the customer’s account that were neither suitable nor authorized by the customer. FINRA Arbitration No. 16-02104 (Jan. 26, 2017). Moreover, on June 6, 2017, a customer filed an investment related written complaint regarding Schneider’s activities, founded on accusations of suitability pertaining to the customer’s real estate security position.
Another customer filed an investment related arbitration claim regarding Schneider’s activities, alleging that the customer’s account was over-concentrated in exchange traded funds and mutual funds; that unsuitable investment recommendations were made to the customer; and that PWA Securities, Inc. failed to supervise Schneider’s activities. FINRA Arbitration No. 17-02319 (Aug. 31, 2017).
Schneider’s registration with PWA Securities, Inc. was terminated on September 25, 2017.
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