August 3, 2016 Comments (0) Blog, Current Investigations

Ohio Financial Advisor Arrested for Stealing $500,000 from Elderly Client

(Last Updated On: August 31, 2016)

Have you suffered losses investing with Jonathan Schmidhammer? If so, The White Law Group may be able to help.

According to reports, financial adviser Jon Schmidhammer was arrested in Upper Arlington, Ohio on August 2nd after he confessed to stealing more than $500,000 from an elderly client. According to FINRA BrokerCheck, he worked for Stifel, Nicholaus, and Co. from 05-2009 until 08-2016.

PNC Bank officials and police met with the 81-year-old woman about suspicious bank activity and checks written on her account. She told them she didn’t consent to money being taken from her account, according to reports.

Schmidhammer, when confronted, confessed to taking the money by transferring it from another financial institution to a PNC Bank and then withdrawing it. He was charged with theft, a charge that carries a maximum penalty of 11 years in prison.

The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call the firm at 888-637-5510. For more information on The White Law Group and its representation of investors, visit http://www.whitesecuritieslaw.com.