Financial Advisor Loses Elderly Couple’s Retirement Savings
Financial Advisor Sam Schoner and First Republic Bank have been named in a lawsuit from an elderly couple, George Miller and Janet McKinley, after more than $7 million were lost by the advisor. The plaintiffs had been notable philanthropists, giving millions to disadvantaged students and minorities, and planned to do so with their savings lost by the financial advisor. Schoner invested that $7 million in First Republic Bank stock for the elderly couple, and despite multiple requests from the Plaintiffs to sell the stock and diversify the portfolio, the financial advisor held the position up until the small banking crisis that saw the demise of First Republic. The total alleged amount lost in the complaint was $7,498,468.
First Republic Bank Was A Casualty of the Small Banking Crisis
First Republic Bank, based in San Francisco, was one of the victims of the small and regional banking crisis of early 2023 that saw the downfall of Silvergate Bank, Signature Bank, Silicon Valley Bank, and a few others. After the first few banks went down, a massive and quick run on deposits led to the downfall of First Republic Bank on May 1st. First Republic Bank was first seized by regulators before being sold off to JP Morgan, and was later shut down.
Schoner Has Ties To First Republic And San Francisco
According to information on FINRA, the Financial Industry Regulatory Authority, Sam Schoner was also based out of San Francisco and held over 32 years of experience in the securities industry. While Schoner was working as an advisor on behalf of First Republic when advising the plaintiffs, he also had previous experience as a broker and investment advisor with JP Morgan.
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