George Herman Snyder IV (CRD #4276539, Springfield, Missouri)

October 11, 2024 – An AWC was issued in which Snyder was assessed a deferred fine of $10,000, suspended from association with any FINRA member in all capacities for five months, and ordered to pay deferred disgorgement of commissions received in the amount of $3,699.03, plus interest. Without admitting or denying the findings, Snyder consented to the sanctions and to the entry of findings that he willfully violated Reg BI by recommending that 13 retail customers make purchases of securities without having a sufficient understanding of the risks and features associated with the products he recommended, and without analyzing whether the recommendations were in the best interest of his customers. The findings stated that Snyder recommend the customers invest in leveraged exchange traded funds, also known as Non-Traditional Exchange-Traded Products (NT-ETPs). In addition, Snyder recommended that 11 customers, including almost half of the 13 customers, invest in equity securities of two companies engaged in crypto asset mining. Snyder did not have an understanding of the features and risks associated with the investments, including the holding-period risk of NT-ETPs or the volatility of the commended stocks, and he was unfamiliar with the strategies or relative costs of the product he recommended. Snyder’s customers had minimal or no experience investing in these products, and he did not consider his customers’ specific investment profiles. Six of the customers were senior investors, two of whom had a moderate risk tolerance, and five additional customers had conservative or moderate risk tolerances. The customers who purchased the recommended stocks suffered total realized losses of approximately $30,000. Snyder’s member firm offered rescission of the transactions to each of the customers. Snyder received total commissions of $3,699.03 in connection with all of his customers’ purchases. The findings also stated that Snyder caused his firm to make and preserve inaccurate books and records by mismarking order tickets associated with the recommendations he made as unsolicited when he had solicited the trades. The findings also included that Snyder exercised discretion without written authorization when effecting six of the transactions. The customers had given Snyder implied authority to exercise discretion in their accounts, but his firm’s WSPs prohibited discretionary trading in brokerage accounts. The suspension is in effect from October 21, 2024, through March 20, 2025. (FINRA Case #2022076795001) If you have suffered losses as a result of George Herman Snyder's act and/or actions, we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by George Herman Snyder. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at mschwartz@tslfirm.com.