CLASSIC ASSET MANAGEMENT, LLC owner, Doug Schmitz Issued Cease & Desist from SEC – May Recover Investor Losses

CLASSIC ASSET MANAGEMENT, LLC owner, Doug Schmitz Issued Cease & Desist from SEC – Goodman & Nekvasil, P.A., May Recover Investor Losses

CLASSIC ASSET MANAGEMENT, LLC owner, Doug Schmitz Issued Cease & Desist from SEC

CRD#: 1771132
Call 800-500-4442 if you think that you have received unsuitable investment recommendations from your adviser.  

DOUGLAS GENE SCHMITZ (CRD#: 1771132), a registered broker for AURORA SECURITIES  in Fargo, ND, has an investor complaint.

The SEC issued a cease and desist for the investment adviser and part owner of Classic Asset Management, LLC.

According to Schmitz’s FINRA BrokerCheck report, 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 SEC alleged breaches of the fiduciary duty of care and compliance failures by CAM, a registered investment adviser, and breaches of the fiduciary duty of care by Schmitz, an owner and investment adviser representative of CAM.  Dough Schmitz allegedly invested advisory clients in leveraged exchange traded funds (“LETFs”) for extended periods of time and, in many cases, in significant concentrations.


Doug Schmitz has a customer complaint.

Goodman & Nekvasil, P.A., is investigating brokers who may have unsuitably recommended investments to their clients.

St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors.  The  firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.

Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.

We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.

There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.

If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.

Some of the information in this blog post was obtained from FINRA on 3/13/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.

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