Brenton Schmidt Faces 2-Month FINRA Suspension

Brenton Schmidt (CRD #: 3093473), a broker registered with Cetera Advisor Networks, has been suspended by FINRA, according to his BrokerCheck record, accessed on December 5, 2024. Investors may have also worked with him through Cetera Investment Advisers. Keep reading to learn more about his alleged conduct as a broker.

FINRA Suspension

On November 19, 2024, Brenton Schmidt consented to the entry of findings that he allegedly allowed his business partner to falsify client signatures on account documents from January 2019 to April 2021.

According to a Letter of Acceptance, Waiver & Consent (AWC), Brenton Schmidt was allegedly aware that his business partner signed nine clients’ names on 53 account documents, including new account applications and money transfer forms, which Brenton Schmidt allegedly also signed. The AWC alleges that these falsifications also caused LPL Financial to maintain inaccurate books and records.

The AWC concluded that these allegations constitute violations of FINRA Rules 4511 and 2010.

FINRA Rule 4511

FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. The falsification or forgery of client signatures violate this rule.

Sanctions

Brenton Schmidt consented to the following sanctions:

• 2-month suspension from associating with FINRA members
• $5,000 fine

His suspension will run from December 16, 2024, to February 15, 2025. You can access the full AWC here.

Termination from LPL Financial

On June 17, 2022, Brenton Schmidt was fired from LPL Financial for allegedly electronically signing account documents on behalf of clients.

Background Information

Brenton Schmidt has passed the following exams:

• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination – Series 7
• Uniform Combined State Law Examination – Series 66
• Uniform Securities Agent State Law Examination – Series 63

Brenton Schmidt is a registered broker in 11 states and a registered investment adviser in Minnesota and Texas.

He has also worked for the following firms:

• LPL Financial (CRD#:6413)
• Investment Centers of America (CRD#:16443)
• Investacorp (CRD#:7684)
• Raymond James Financial Services (CRD#:6694)
• Wells Fargo Investments (CRD#:10582)
• Wells Fargo Brokerage Services (CRD#:16100)

Kurta Law Can Help

If you worked with Brenton Schmidt and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.