Jeffrey Schwebach, Financial Advisor Suspended from Securities Industry

Goodman & Nekvasil P.A., May Recover Investor Losses | Jeffrey Schwebach, Financial Advisor Suspended from Securities Industry

Jeff Schwebach CRD #1606537

Jeff Schwebach was a formerly licensed financial advisor with Independent Financial Group, LLC from 2010 to 2018. According to FINRA, Jeff Schwebach was suspended from the securities industry in June 2019. 

According to FINRA Allegations: 

During the Relevant Period, Jeff Schwebach solicited investors to purchase promissory notes relating to the Woodbridge Group of Companies LLC (“Woodbridge”), a purported real-estate investment fund. Jeff Schwebach sold $895,000 in Woodbridge promissory notes to 18 investors, 13 of whom were IFG customers. Jeff Schwebach received $19,534 in commissions in connection with these transactions. Jeff Schwebach never sought approval to sell Woodbridge promissory notes and IFG’s written supervisory procedures (“WSPs”) specifically prohibited the sale of promissory notes. Although Jeff Schwebach disclosed “Woodbridge” to IFG, he identified it as an outside business activity involving first position mortgages, and not as private securities transactions. In addition, Jeff Schwebach falsely attested in his 2016 and 2017 compliance questionnaires that he had not engaged in securities activities or offered products that were not approved.

FINRA also reports that Jeff Schwebach was discharged from the securities and investment banking industry on June 20, 2018. FINRA reports that Jeff Schwebach allegedly failed to “accurately [disclose] the nature of outside business activities and violation of firm policy with regard to disclosure of customer complaint.”

FINRA reports that Jeff Schwebach disclosed other business activities including being a “mortgage loan representative with Woodbridge since 2016.”  

On December 20, 2017, the Securities and Exchange Commission (SEC) filed an action alleging that the Woodbridge investment was a massive Ponzi scheme, and that new investor money was used to pay the returns owed to existing investors.  The SEC also alleges that Woodbridge’s business model was a sham, and that Woodbridge and Woodbridge’s owner and President, Robert H. Shapiro, misused and misappropriated investor monies. The SEC points out that Woodbridge admits in its bankruptcy filing that it has less than $12 million in its bank accounts while having investor liabilities approaching $1 billion. 

If you lost any money on investments with Jeff Schwebach, you may be able to recover your losses from Independent Financial Group, LLC. This is because Independent Financial Group, LLC had a duty to supervise Jeff Schwebach.

If you lost money on investments with Jeff Schwebach and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Independent Financial Group, LLC concerning Jeff Schwebach’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Jeff Schwebach and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us. 

Investment Fraud Attorney, Stockbroker Misconduct Disciplinary Actions, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, PIABA, SEC, Securities Exchange Commission, NASD, National Association of Securities Dealers, NASDAQ, Dow Jones, Wall Street, New York Stock Exchange

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