Our firm is investigating Raymond James Financial Services broker and investment advisor Davee Philip Schulte (CRD# 2814412) of Chula Vista, California for potential investment-related misconduct involving alleged misappropriation of client funds.
Financial Advisor’s Career History
Davee Philip Schulte (CRD# 2814412) is currently registered as both a broker and investment adviser with Raymond James entities in California. According to FINRA BrokerCheck, he is:
- Registered with Raymond James Financial Services Advisors, Inc. (CRD# 149018) as an Investment Adviser Representative since February 2, 2023, working from a branch office at 884 Eastlake Pkwy, #1619, Chula Vista, California.
- Registered with Raymond James Financial Services, Inc. (CRD# 6694) as a General Securities Representative since January 1, 2023, associated with multiple branch locations in Chula Vista, California.
His reported investment-related and banking career history includes:
- Raymond James Financial Services Advisors, Inc. – Investment Advisor Representative (Chula Vista, CA), 02/2023 – Present.
- Mission Federal Credit Union / Raymond James Financial Services – Registered Associate / Support (Chula Vista, CA), 12/2022 – Present.
- Raymond James Financial Services, Inc. – Registered Representative (Chula Vista, CA), 12/2022 – Present.
- Mission Federal Credit Union – Associate/Employee; Associate Financial Advisor (Chula Vista, CA), 06/2017 – Present.
- UnionBanc Investment Services, LLC – Sr. Relationship Banker (San Diego, CA), 01/2017 – 06/2017; previously registered with the broker-dealer from 02/2017 – 06/2017 (CRD# 14455).
- MUFG Union Bank – Senior Relationship Banker (San Diego, CA), 11/2016 – 06/2017.
- Chase Bank – Branch Manager (San Diego, CA), 11/2014 – 11/2016.
Schulte has passed the Securities Industry Essentials (SIE), Series 6, Series 7, Series 63, and Series 66 exams, and is currently licensed in multiple states, including California, Arizona, Kentucky, and Virginia.
Davee Philip Schulte Fraud Allegations and Investor Complaints Explained
Overview of the Pending Customer Dispute
FINRA BrokerCheck discloses one pending customer dispute involving Davee Philip Schulte. The disclosure is categorized as a “Customer Dispute – Pending” event.
- Type of Event: Customer dispute (written complaint).
- Status: Pending (no final resolution or adjudication reported as of the most recent BrokerCheck report).
- Reporting Source: Broker.
- Employing Firm at Time of Alleged Conduct: Raymond James Financial Services, Inc.
Because the matter is pending, the allegations have not been proven, adjudicated, or resolved. The outcome could ultimately be dismissed, settled without an admission of wrongdoing, or resolved in another manner favorable or unfavorable to the parties.
Details of the Alleged Misappropriation of Client Funds
According to the disclosure, the customer alleges that Schulte misappropriated their funds. BrokerCheck characterizes the complaint as follows:
- Allegation: “Client alleged advisor misappropriated their funds.”
- Product Type: “No Product” (suggesting the allegation relates to handling of funds rather than a specific security or investment product).
- Date Complaint Received: October 28, 2025.
- Damages: BrokerCheck lists alleged damages as “unspecified” (the system shows $0.00 with a notation that the amount is unspecified).
- Form of Complaint: Written complaint (not an oral complaint, arbitration, or civil litigation as of the reported date).
Because this dispute is still pending, there is no reported settlement amount, award, or individual contribution amount, and no final disposition has been entered in BrokerCheck at this time.
Summary of Schulte’s FINRA Disclosure
For context, the currently reported disclosure history for Davee Philip Schulte includes:
- Customer Disputes:
- 1 pending customer dispute alleging misappropriation of client funds at Raymond James Financial Services, Inc., received on October 28, 2025; damages unspecified; no resolution yet reported.
No other customer disputes, regulatory actions, criminal disclosures, civil judgments, terminations, or financial compromises are reported in the available BrokerCheck excerpt beyond this pending complaint.
As with all BrokerCheck disclosures, investors should understand that pending complaints are merely allegations and are not findings of wrongdoing. The facts and liability, if any, may be determined only through arbitration, litigation, settlement, or other final resolution.
To obtain a copy of Davee Philip Schulte’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA rules commonly implicated in allegations of misappropriation and improper use of customer funds include FINRA Rule 2150, FINRA Rule 2010, and, in some circumstances, FINRA Rule 2020 and related supervisory or recordkeeping rules. Below is an overview of how such rules apply in the context of the complaint described above.
FINRA Rule 2150 prohibits brokers from making improper use of a customer’s funds or securities, guaranteeing customers against loss, or sharing in customer accounts without proper authorization. Where a client alleges that an advisor “misappropriated their funds”, as in the pending dispute involving Schulte, regulators and arbitrators will examine whether any transfers, withdrawals, or movements of money lacked proper authorization, were diverted for personal use, or otherwise failed to benefit the client. If a broker diverted client funds for non-client purposes, or used them in a way the customer did not approve, that conduct could be viewed as improper use of client assets in violation of Rule 2150.
FINRA Rule 2010 requires members and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Even when there is no specific product at issue—as suggested by the “No Product” classification in the pending complaint against Schulte—allegations that a broker took or misdirected client funds can constitute a serious breach of commercial honor and fair dealing. In a case where a customer claims their advisor misappropriated money, arbitrators would consider whether the advisor’s conduct fell so far below industry ethical norms that it violated Rule 2010, even if no specific security transaction is challenged.
FINRA Rule 2020 prohibits the use of any manipulative, deceptive, or other fraudulent device or contrivance in connection with the purchase or sale of any security. In misappropriation cases, this rule can come into play when a broker uses deceit, concealment, or misleading statements to gain access to client funds or to hide unauthorized withdrawals or transfers. For example, if a broker told a client that funds were being moved for safekeeping, or for a particular investment, but instead used the money for another purpose, arbitrators and regulators could view that as deceptive conduct in violation of Rule 2020. In addition, firms may face separate liability for failing to supervise under other FINRA rules if they did not reasonably monitor accounts to detect suspicious withdrawals or transfers.
The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.