THE JOHN SCHMITZ STORY, Part 2 of 3
For Part 1, refer to: www4.techstocks.com
In the early 1990s Schmitz and a business partner formed their own company, Peconic Capital Corp., located at 2 Roosevelt Lane in Syosset. The corporation was dissolved in 1995.
There are a couple of small judgments following this period: two from the Long Island Savings Bank, one for $137 and another for $448, both relate to case no. 381592. The Dartmouth Plan Leasing Co. had a judgment for $8,657; it was vacated in 1994 (no. 469390) .
Other postings on this thread have indicated previous employment at Executive Mortgage Bankers, Ltd., at 300 Wheeler Road, Suite 108 in Hauppauge. I cannot confirm this. Executive Mortgage Bankers was classified as mortgage bankers and security brokers - dealers. EMB surrendered its license to the New York State Banking Department on Aug. 1, 1997.
Community Home Mortgage took over the 300 Wheeler Road office and phone number in late 1997. CHM surrendered its license to the New York State Banking Department on Dec. 31, 1997. The connection here is that Pan American Ban LLC (incorporated 10/6/97) / Panamerican Bancorp literally moved into EMB's and CHM's space at 300 Wheeler Road, Suite 108, and assumed their phone number in 1998 - the old Investor Relations line (516) 232-2221.
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As a result of misdeeds while working at Robert Todd Financial Corp. John Schmitz was debarred from the NASD in 1995.
** * THIS DATA IS FOR INFORMATION PURPOSES ONLY * * *
* * * COLLECTED AND COMPILED BY MORTGAGE ASSET RESEARCH INSTITUTE, INC. * * *
PARTY: SCHMITZ, JOHN A.
* * * * * * * * * INCIDENT INFORMATION * * * * * * * * *
JURISDICTION: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
SOURCE: NASD DISCIPLINARY ACTIONS - NOVEMBER 1995
Alleged Offense(s): THE SANCTIONS WERE BASED ON FINDINGS THAT JOHN A. SCHMITZ RECOMMENDED AN INVESTMENT TO A PUBLIC CUSTOMER WITHOUT HAVING A REASONABLE BASIS TO BELIEVE THAT THE INVESTMENT WAS NEITHER CONSISTENT WITH THE CUSTOMER'S INVESTMENT OBJECTIVES NOR SUITABLE FOR HER BASED ON HER FINANCIAL NEED. IN ADDITION, SCHMITZ MISAPPROPRIATED $20,739.72 RECEIVED FROM A PUBLIC CUSTOMER INTENDED FOR INVESTMENT PURPOSES BY DEPOSITING THE FUNDS IN AN ACCOUNT BELONGING TO HIS WIFE. SCHMITZ ALSO PARTICIPATED IN A PRIVATE SECURITIES TRANSACTION WITHOUT PROVIDING PREVIOUS WRITTEN NOTICE TO HIS MEMBER FIRM AND WITHOUT RECEIVING PREVIOUS WRITTEN APPROVAL OF HIS PARTICIPATION IN THE TRANSACTIONS.
Other Incident Info: *DATE INDICATES THE DATE OF THE SOURCE DOCUMENT LISTING THIS INFORMATION.
SCHMITZ, JOHN A.
REGISTERED REPRESENTATIVE
HUNTINGTON STATION, NY
Sanctions: FINE, DEBARMENT AND RESTITUTION
DISPOSITION: JOHN A. SCHMITZ WAS FINED $100,000, BARRED FROM ASSOCIATION WITH ANY NASD MEMBER IN ANY CAPACITY, AND ORDERED TO PAY $20,739.72 IN RESTITUTION.
Part 3 of the John Schmitz Story will undoubtedly detail his role in PRWT/PABN; it is in process so to speak, still under wraps.
So, for those of you who asked, that's the John Schmitz story in a nutshell. Sorry to be a harbinger of bad tidings, but honestly folks, did anyone expect a slew of humanitarian, philanthropic, or community service awards?
PatP |
