Chula Vista, CA — December 11, 2025 — Davee Philip Schulte (CRD# 2814412), a financial advisor currently registered with Raymond James Financial Services, is facing a pending written complaint filed in October 2025. The complaint alleges that the advisor misappropriated client funds, one of the most serious allegations in the securities industry. The alleged conduct occurred while Schulte was registered with Raymond James Financial Services, Inc. This article reviews the publicly available disclosure information and outlines options for investors who may have suffered losses.
BrokerCheck Snapshot
Name: Davee Philip Schulte
CRD #: 2814412
Firm: Raymond James Financial Services, Inc. / Raymond James Financial Services Advisors, Inc.
Location: Chula Vista, CA
Years in Industry: 8
Number of Disclosures: 1
Pending Written Complaint Against Davee Philip Schulte
Misappropriation of Funds Allegation (Filed October 2025)
A written complaint was filed on October 28, 2025 against Schulte. The claimant alleges that the advisor misappropriated client funds. While the alleged damages field shows $0.00, the complaint notes “unspecified damages,” meaning the actual amount of alleged losses has not been quantified in the disclosure report. The complaint remains pending with no resolution reported.
Misappropriation of funds is one of the most serious violations a financial advisor can commit. It involves the unauthorized taking or use of client assets for personal benefit or purposes other than what was agreed upon with the client. This type of conduct, if proven, constitutes theft and securities fraud.
Understanding the Seriousness of Misappropriation Allegations
Misappropriation allegations are among the most serious charges that can be brought against a financial advisor. Unlike disputes over investment suitability or performance, misappropriation involves allegations of outright theft or unauthorized use of client funds. Key aspects include:
Direct Theft: Misappropriation typically involves a financial advisor taking client money for personal use without authorization. This can include transferring funds to personal accounts, using client money to pay personal expenses, or diverting funds to unauthorized investments.
Breach of Trust: Financial advisors are entrusted with client assets and have a fiduciary duty to manage those assets solely in the client’s best interest. Misappropriation represents the most fundamental breach of fiduciary duty possible.
Criminal Implications: Unlike many securities violations that are civil matters, misappropriation can also constitute criminal theft or embezzlement, potentially leading to criminal prosecution in addition to civil liability.
Immediate Red Flags: Warning signs of potential misappropriation can include unexplained account transfers, difficulties accessing funds, altered statements, pressure to sign blank forms, or the advisor controlling all communications with the custodian.
Current Employment Arrangement
Schulte maintains a unique employment arrangement. Since June 2017, he has been employed by Mission Federal Credit Union as an Associate/Employee, providing licensed support to the credit union’s investment services department. He works 81+ hours per month in this role, with 41+ hours during trading hours. Simultaneously, since January 2023, he has been registered with Raymond James Financial Services, Inc. as a registered representative and, since February 2023, with Raymond James Financial Services Advisors, Inc. as an investment advisor representative.
This dual affiliation arrangement is common in the credit union industry, where credit unions partner with broker-dealers to offer securities services to their members.
Can Investors Recover Losses?
Investors who experienced misappropriation of funds, theft, or other forms of advisor misconduct may be entitled to compensation through FINRA arbitration. Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident. Misappropriation cases often proceed quickly due to the serious nature of the allegations and the availability of account records documenting unauthorized transactions.
Related Brokers and Firms
If you have concerns about your investments with Raymond James Financial Services or experienced similar issues involving unauthorized transactions or missing funds, you may want to review additional resources on securities fraudand theft by financial advisors. Our firm has handled numerous cases involving misappropriation, unauthorized trading, and other forms of advisor theft nationwide.
Frequently Asked Questions
What are the complaints against Davee Philip Schulte?
Schulte is facing one pending written complaint filed in October 2025. The complaint alleges that the advisor misappropriated client funds. This allegation was made while Schulte was registered with Raymond James Financial Services, Inc. The complaint remains pending with no resolution reported.
What is misappropriation of funds?
Misappropriation of funds occurs when a financial advisor takes or uses client money without authorization for purposes other than what was agreed upon. This can include transferring client funds to personal accounts, using client money for personal expenses, or making unauthorized investments. It is one of the most serious forms of securities fraud and may also constitute criminal theft.
Can investors recover losses from Raymond James?
Yes, investors who suffered losses due to advisor misconduct, including misappropriation, may file a claim through FINRA arbitration against both the advisor and the brokerage firm. Brokerage firms can be held liable for their advisors’ misconduct under the legal principle of respondeat superior (employer liability) and for failure to supervise.
What should I do if I suspect my advisor misappropriated my funds?
First, immediately document all account statements and attempt to verify your account balances with the custodian directly (not through your advisor). Second, file a complaint with FINRA, the SEC, and your state securities regulator. Third, contact an experienced securities attorney immediately. Time is critical in misappropriation cases to potentially freeze assets and preserve evidence.
How long do I have to file a claim?
Generally, FINRA arbitration claims must be filed within six years of when the misconduct occurred or when you discovered (or should have discovered) the misconduct. However, given the serious nature of misappropriation allegations, you should act immediately to protect your rights and potentially recover assets.
What makes this allegation particularly serious?
Misappropriation allegations represent the most serious type of advisor misconduct because they involve alleged theft rather than poor investment decisions or unsuitable recommendations. If proven, misappropriation constitutes both securities fraud and potentially criminal theft. These cases often result in substantial damages awards and can lead to criminal prosecution of the advisor.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, securities fraud, misappropriation, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you lost money in your investment account with Davee Philip Schulte or Raymond James Financial Services, or if you experienced unauthorized transactions or suspect misappropriation of your funds, contact Patil Law, P.C. for a free, no-obligation consultation. Our experienced securities attorneys can review your case and explain your legal options for recovering losses.
Call us today at 800-950-6553 or email info@patillaw.com.
Disclaimer
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
