Dan Schmid: FINRA Bars Former Equitable Advisor

Minneapolis, Minnesota financial advisor Dan Schmid (CRD# 6658306) was recently sanctioned by FINRA in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was last registered as a broker with Equitable Advisors.

A Letter of Acceptance, Waiver, and Consent (No. 2024083956101) describes FINRA’s disciplinary action against Mr. Schmid. Filed in September 2026, it states that he improperly borrowed money from a customer, provided false statements and testimony to FINRA, and failed to produce responsive documents. More specifically, it describes allegations that in July 2024, he borrowed a sum of $24,000 from a customer of his member firm “to finance a business venture.” Though he repaid the loan, he did not seek the approval of his member firm, Northwestern Mutual, “which prohibited associated persons from borrowing from customers except within certain circumstances that did not apply to the loan.” The AWC Letter goes on to allege that he provided false statements and testimony to FINRA during its investigation into his conduct, and specifically that he “falsely denied involvement in the business venture and receipt of the loan.” As a result of these findings, FINRA barred him from associating with any member firm in all capacities.

Mr. Schmid’s BrokerCheck report discloses his resignation from Northwestern Mutual Investment Services. Filed in 2024, the disclosure states that he was “permitted to resign” while he was under review “related to replacement activity and disclosure of outside business activities.”

According to the Financial Industry Regulatory Authority, Dan Schmid holds nine years of securities industry experience. Most recently based in Minneapolis, Minnesota, he was registered as a broker with Equitable Advisors from 2024 until 2026. He was previously registered with Northwestern Mutual Investment Services. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Combined State Law Examination, or Series 66; and the Uniform Securities Agent State Law Examination, or Series 63. (Information current as of September 14, 2026.)

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