Brent Schmidt: FINRA Suspends Harvest Financial Advisor

Delano, Minnesota financial advisor Brent Schmidt (CRD# 3093473) allegedly permitted a business partner to falsify customer records, according to a regulatory sanction. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Cetera, doing business as Harvest Financial Services.

A Letter of Acceptance, Waiver, and Consent (No. 2022075390901) describes FINRA’s disciplinary action against Mr. Schmidt. Filed in November 2024, it alleges that he “permitted his business partner to falsify the signatures of 9 customers on 53 account documents.” He allegedly signed his own name on these documents after his partner falsified the customers’ signatures, the AWC Letter states. The documents in question included “new account applications and money transfer forms,” and constituted “required books and records” of his member firm. Noting that his customers did not complain, FINRA found that Mr. Schmidt’s conduct violated FINRA Rule 2010 and FINRA Rule 4511. Under the former rule, brokers must observe high standards of commercial honor. Under the latter, brokers may not cause their firms to maintain inaccurate records. As a result of these findings, FINRA fined Mr. Schmidt $5,000 and suspended him for two months.

Mr. Schmidt’s BrokerCheck report discloses his termination from LPL Financial. Filed in 2022, it states that the firm fired him in connection with allegations that he “[e]lectronically signed account documents on behalf of customers.”

Harvest Financial Services’ website includes a page describing the firm’s approach to working with its clients. “We’re committed to crafting a custom financial strategy that combines education, technology, and research to give you the confidence to pursue your dreams,” it explains. “Being dedicated to providing indispensable service and unique, comprehensive strategies with disciplined execution tailored to your long-term goals is our first priority.”

According to the Financial Industry Regulatory Authority, Brent Schmidt holds 25 years of securities industry experience. Based in Delano, Minnesota, he has been registered as a broker and an investment advisor with Cetera since 2022 and 2023, respectively, doing business as Harvest Financial Services. His past registrations include Cetera Advisor Networks, LPL Financial, Investment Centers of America, Investacorp, Raymond James Financial, Wells Fargo Investments, and Wells Fargo Brokerage Services. He is licensed in Arizona, Arkansas, California, Colorado, Indiana, Iowa, Minnesota, North Dakota, South Dakota, Texas, and Wisconsin. (Information current as of November 25, 2024.)

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