Douglas Schmitz

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Douglas Schmitz (Schmitz), currently associated with Aurora Securities, has at least one disclosable event. These events include one customer complaint, alleging that Schmitz recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $130,000.00 on February 12, 2024.

Client alleges negligence, gross negligence, breach of fiduciary duty, breach of contract, fraud, negligent misrepresentations, negligent supervision, and violations of State, SEC, and FINRA rules including, but not limited to: violations of 10-04-15 of the North Dakota Securities Act of 1951, Section 206(4) of and Rule 206(4)-7 under the Investment Advisers Act of 1940, FINRA Rule 2010, Standards of Commercial Honor and Principals of Trade: FINRA Rule 2111, Suitability; FINRA Rule 3010, Supervision; and FINRA Rule 2020, Use of Manipulative, Deceptive or Other Fraudulent Devices.

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Douglas Gene Schmitz (Schmitz), currently employed by Classic, LLC (Classic) has been subject to at least three customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Schmitz’s customer complaints alleges that Schmitz engaged in misconduct relating to the handling of their accounts, including lack of fiduciary responsibility.

In August 2020, a customer complained that Schmitz violated the securities laws by alleging that Schmitz engaged in lack of fiduciary responsibility. The claim alleges $40,000 in damages and is currently pending.

In July 2020, a customer complained that Schmitz violated the securities laws by alleging that Schmitz did not follow direction to liquidate the customer’s account. The damage amount requested was $5,200. The claim was closed-no action.

In April 2020, a customer complained that Schmitz violated the securities laws by alleging that Schmitz engaged in a trade execution failure. The damage amount requested was $750,000. The claim settled in the amount of $275,000.

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