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The authors have taken the rules and regulations of the brokerage industry and put them in laymen’s terms. -- Professor William C. Tyson, The Wharton School & The Law School of the University of Pennsylvania

The Book, Brokerage Fraud is a must read for all compliance professionals and brokerage firm's compliance and legal departments.

This book is a timely wake up call to the brokerage industry to clean up its ways. -- George D. Mullen, Vice President UBS PaineWebber

Tracy Stoneman and Douglas Schulz certainly know what Wall Street brokerage firms wish you didn't. -- Evan Cooper, Editor-in-Chief, On Wall Street, Co-Author

This book can save you thousands of dollars and loads of headaches! -- Jordan E. Goodman, author of Everyone's Money Book

Had "Brokerage Fraud" been available to my wife and I eight years ago, it may very well have saved us the fortune we lost to a mercenary industry that promotes itself as caring and responsible, when in fact it cares mostly for itself.

"Brokerage Fraud" is frank and friendly, organized, comprehensive, easy to digest -- and quite unique, too, because the distinguished authors tell all about an autonomous, all-powerful institution that routinely sheers the uninitiated."

". . . I am an attorney and an investor. Yet, I must say that each chapter of 'Brokerage Fraud' brought new information and insight that is invaluable . ."

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Q: What are some other examples of what separates Mr. Schulz from other securities expert witnesses?  

A: There are many firms who have multiple employees or associates that are involved in the firm’s securities work. Often, the lawyer and the client are never fully aware of which individual is conducting the research and analysis for their case. At those firms, you may hire an expert based on his credentials, yet much of the work in your case is done by individuals who have very limited experience. That is not in the best interest of the client. You always want the person that’s going to be giving the sworn testimony to be the very same person who did the work. Since Mr. Schulz is a sole practitioner, that is never an issue.  Also, Mr. Schulz knows many securities experts who have been out of the industry for quite a long time and their expert witness work is often just an adjunct to other work, interests and hobbies. Mr. Schulz has lived, breathed and slept securities, investments, securities regulation and litigation for  30 years. And it goes back even further when you consider he started trading securities fairly actively back in the sixth grade. Mr. Schulz has been hired in over 1,156 cases and loves his work.  His wife Tracy Pride Stoneman is a nationally recognized securities lawyer who works on securities exclusively. Living on their 160-acre ranch in the mountains in southern Colorado in a very remote location allows them both to work a 60 to 80 hour week. Their cocktail and dinner hours are spent in rigorous conversation and debate on the most topical securities issues of the day, and on each of their cases.  much of the couple’s time is spent in rigorous conversation and debate on each of their cases or the most topical securities issues of the day.

Q: Does Mr. Schulz have additional experience giving sworn testimony that is not a part of the 643 figure?

A: Yes. Anyone who has had any experience working either for the district attorney or the public defender’s office knows the docket schedule and court appearances is almost a daily occurrence. As a special investigator for the New Mexico State Public Defender’s Office in Albuquerque New Mexico, Mr. Schulz regularly gave both direct and cross-examination sworn testimony. Additionally, when he performed financial investigation and due diligence work for broker-dealers, investment bankers, and merchant bankers, he was often called on to testify in state and federal court.


Q:  Is Mr. Schulz hired solely as a securities expert witness or does he perform other roles for the lawyers/clients who hire him?

A: Yes, it is common for Mr. Schulz to be hired as a securities litigation/arbitration consultant. Often, Mr. Schulz is contacted by lawyers who don’t have a lot of experience in FINRA arbitrations. This creates a special challenge for that lawyer and his or her client, because the defense counsel is almost always very experienced in this special field of litigation. Of course, his 1,156 cases provide him with an excellent working knowledge of every single aspect of FINRA arbitrations. Additionally, for roughly 30 years, he has worked very closely with his wife who does exclusively securities litigation representing both stockbrokers and investors. For these and other reasons, the less experienced lawyers often are thrilled to find an expert that can wear two hats. In addition to his regular securities expert witness assistance, he often helps the attorney on such subjects as drafting the Statement of Claim, the arbitrator selection process, the document and information discovery process, motions, and briefs, etc.


Q: How can Mr. Schulz be of assistance in the discovery process in arbitration?

A: The discovery process in securities arbitration is where each party attempts to obtain all of the key, important documents that they feel will assist in the prosecution or defense of the case. One of the first articles Mr. Schulz wrote, in conjunction with his wife, was on the discovery process (see Securities Arbitration Commentator article dated November, 1990). Twenty-eight years later, the process is still imperfect in that brokerage firms go to great lengths to prevent the production of harmful documents. Mr. Schulz can be a great asset in this area for two reasons. First, he is infinitely familiar with what documents are necessary for any given case. He has seen just about every account form, commission/production run, the various compliance and policy and procedure manuals for the majority of broker-dealers in the country. Second, he is often called upon to draft discovery requests and to assist counsel with arguments for production for the preliminary hearing regarding those requests. 

Q: In addition to Mr. Schulz’s constant securities regulatory research, what else does he do to keep in constant contact with Wall Street and the investment community?

A: Though Mr. Schulz no longer manages money for private individuals and entities, he still manages large sums of money for family accounts.  Additionally, both individually and with other partners, he manages a finance company that lends money on mostly real estate projects such as mezzanine loans, bridge loans, construction loans, and mortgage loans.

Q: Douglas Schulz claims to have an excellent track record for his clients, is there some proof?

A: In response to the question, the following is a brief list of some cases I was involved with between roughly 2018 and 2019, some results and awards.

Ø Claimant v. major brokerage firm, Louisiana, $3.15 million arbitration award, panel awarded $140,000 in expert fees (I was the sole expert) and since $1.5 million were the out of pockets, this is a significant well-managed, comparative award

Ø Claimant v. major regional brokerage firm, California, $1 million arbitration award (client made $4 million in his account, so this was all well-managed comparative damages)

Ø Claimant v. major regional brokerage firm, Arizona, $100,000 punitive arbitration award

Ø Claimant v. major brokerage firm, North Carolina, $125,000 consisting of all well-managed damages

Ø Claimant v. major regional brokerage firm, Arizona, $920,000 which included well-managed damages and interest, $58,000 my expert fees and $246,000 in attorney’s fees

Ø Claimant v. major internet brokerage firm, California, $720,000 well-managed damages, and expert fees

Ø Claimant v. regional money manager, New Mexico, arbitration, $519,000 mostly well-managed damages. (I assisted throughout the case, but ended up not testifying)

     I have also been hired as the expert for a former Tesla employee who was sued by Tesla for $167 million dollars. My objective is to show that my client’s actions did not cause Tesla’s publicly traded stock to decline in value.


Q: Are there other securities activities that Mr. Schulz is involved in that don’t specifically relate to litigation?

A: Mr. Schulz spends time educating investors and attempting to work with regulators in improving the securities markets and environment for investors. He has spoken and testified before numerous state and federal elected representatives. He participated in the Ruder Task Force and often works with investigators on a state, federal and local level.  Mr. Schulz was a key witness for the SEC in their major investigation into the sale of limited partnerships and private placements in the late eighties and early nineties. His most recent article on Power of Attorney accounts at Internet/online brokerage firms is an attempt to prompt the regulators to be more proactive regulating Internet/online brokerage firms.