About Zachary M. Schmitz

Zachary Schmitz helps clients in the financial services industry facing litigation and regulatory enforcement, internal investigations and other complex commercial litigation. He has extensive experience relating to futures, options and other complex derivatives; the equities markets; and cryptoassets.

Understanding challenges faced by complex products

Zach's practice includes defending financial services clients in investigations and enforcement proceedings before financial regulators, such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), self-regulatory bodies and at stock, option and futures exchanges. Zach also has handled retail investor arbitrations and litigation. He brings with him a deep understanding of financial products and trading practices.

Representative Experience

  • Defended broker-dealer in arbitration claiming unsuitable recommendations and unreasonable liquidation caused investor to lose over $500 million. Won full defense award.
  • Defended broker-dealer in arbitration claiming conflicts of interest caused investor lost over $250 million. Won full defense award and costs.
  • Defended proprietary trading firm in arbitration claiming wrongful termination based on alleged whistleblower reporting of unlawful trading. Won denial of all monetary claims.
  • Trial counsel in related arbitrations arising from losses in options trading strategy. Won full defense awards or limited recoveries to less than 10 percent of claimants’ collective investment losses.
  • Defended broker-dealer in lawsuit alleging breach of contract before the Circuit Court of DuPage County, Illinois and the Illinois Appellate Court. Claims were dismissed with prejudice and full attorneys’ fees awarded and affirmed on appeal.
  • Represented digital asset prime broker in CFTC investigation regarding alleged unregistered conduct.
  • Represented investment bank in SEC receivership arising out of a real-estate Ponzi scheme, obtaining a favorable recovery from the receivership and title insurance.
  • Represented futures commission merchant in CFTC investigation regarding margin practices. The CFTC concluded the investigation without recommending charges.
  • Represented digital asset proprietary trading firms in investigations conducted by the SEC, CFTC, DOJ and state regulators.
  • Represented individuals and trading firms in various investigations by futures and options exchanges.

News

Publications

Quick Reads

Presentations and Events

  • June 6, 2025
    Futures and Derivatives Law Committee
    Moderator | Charting the Future: Navigating CFTC Regulations in a Dynamic Market – SRO Enforcement
  • June 5, 2025
    Futures and Derivatives Law Committee
    Moderator | Confronting Change: Compliance During Uncertain Times – Surveying the Enforcement Horizon
  • May 15, 2025
    Futures and Derivatives Law Committee
    Moderator | Evolution of CFTC Enforcement since Dodd-Frank
  • March 19, 2025
    Futures and Derivatives Law Committee
    Moderator | Crisis Management
  • November 17, 2021
    Futures and Derivatives Law Committee
    Presenter | Digital Asset Topics in the News: Tether & Bitfinex Enforcement; CT Jury Finds Crypto Products Not to be Securities; Stablecoins & More
  • June 2, 2020
    Market Correction Curriculum: Ponzi Schemes: Dealing With Regulatory and Litigation Risks Exposed by Market Downturns
    Presenter
Practices
Education
  • The University of Chicago Law School, JD
  • Missouri State University, BS
Bar Admissions
  • Illinois