Background information on CEO John Schmitz...
JOHN A. SCHMIDT, age 44, lives in Suffolk County, New York. He is the President/CEO of PanAmerican Bancorp.
In the mid-1980s John Schmitz worked for Life Planning, Inc. in Garden City. Life Planning was a registered broker-dealer engaged in the business of selling packaged financial products to financial consulting clients of its registered representatives. The majority of its 250+ representatives were part time, and were independent financial consultants. [Life Planning later became Global Capital Securities.] At some point in this employment Schmitz has business dealings with a gentleman by the name of Robert Fallah. Schmitz, Fallah, and Life Planning are named in a suit that results in a judgment (no. 252489) against Schmitz for about $12,000.
The IRS liens Schmitz in 1986 for $18,587. Lien no. 51436 is released the following year.
In the late 1980s Schmitz is employed by Fielding Group Securities of Melville.
New York corporate records show that Schmitz incorporates himself in 1988 at 555 Broadhollow Road, Melville.
Schmitz renews his relationship with Robert B. Fallah in 1989. Fallah, along with Todd Spehler, was operating as Robert Todd Financial Corp., a small-stock firm with offices in Garden City and Syosset. While he was with this employer Schmitz is involved in two notable cases, one which resulted in a $27,700 judgment (docket no. 00000441590), and another, more egregious violation, resulting in a judgment in excess of $120,000 (index. No 006358).
Robert Todd Financial Corp. lost its NASD membership in April, 1995, after it had amassed a long record of lost customer arbitrations and lost its license in several states. #reply-11844560
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. #reply-11846407 |
