James R. Schaedler, Jr. of Anaheim, California, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of obtaining improper gifts from customers. Letter of Acceptance, Waiver and Consent, No. 2016048560401 (June 29, 2017).
According to the AWC, Schaedler was fired from Wells Fargo on January 10, 2017, based upon allegations that checks were written out to his daughter from customers of the firm, a substantial amount of which ended up in Schaedler’s control. Prior to this point, the AWC stated that Schaedler became subject of a January 2016 FINRA investigation into allegations that he improperly influenced an elderly customer to amend the customer’s trust in order to make Schaedler a beneficiary of the customer’s $2,300,000.00 estate. Schaedler was apparently further investigated by FINRA as to whether he impermissibly obtained a $200,000.00 gift from a customer.
The AWC revealed that in May of 2017, Schaedler received a letter from FINRA, according to Rule 8210, which called upon him to provide documentation and information to FINRA staff in connection with the investigation into his business activities. Yet, Schaedler never provided the documentation and information by the deadline imposed upon him. Evidently, Schaedler’s counsel confirmed with FINRA by May 31, 2017, that Schaedler received FINRA’s request but would not be providing the documents and information. Consequently, FINRA found that Schaedler’s conduct was violative of FINRA Rules 2010 and 8210.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
