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Daniel Schmidt Allegedly Failed to Supervise

Daniel Schmidt (CRD #: 5771519), a broker registered with State Farm VP Management Corp, is the subject of an investor dispute alleging he failed to supervise four licensed agents. This disclosure appears on his BrokerCheck record, accessed on September 27, 2023. Details are provided below. 

On August 4, 2023, the New York Department of Financial Services alleged Daniel Schmidt failed to supervise four licensed agents. 

On July 20, 2020, State Farm fired Daniel Schmidt following allegations that their internal review had concluded he failed to supervise the team members and ensure proper information was provided during the auto quote process. 

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish systems of supervision to maintain their compliance with securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).

Background Information 

Daniel Schmidt has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in New York and Vermont. 

During his 12 years of experience, he has registered with one firm, State Farm VP Management Corp. (CRD #: 43036) 

Kurta Law Can Help

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

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