Rep in Hot Water Over Annuity Swaps in Senior Clients’ Accounts
October 8, 2025 by Melanie Waddell
The Financial Industry Regulatory Authority has suspended a rep for two months and fined him $5,000 for recommending seven unsuitable variable annuity exchanges to three older clients.
According to FINRA’s order, between February 2017 and June 2020, Jeffrey Roy Schuur, a general securities principal with Oakwood Capital Securities, recommended the exchanges without a reasonable basis to believe that the transactions were suitable based on the customers’ investment profiles and objectives.
Wink’s Moore on the Market: Let me throw one at you.
A client has a variable annuity with a living and/or death benefit rider.
The benefit base value of the rider(s) is greater than the account value of the contract.
Should people who sell annuities have consequences when they suggest a replacement of such an annuity?
Let’s talk amongst ourselves— join in the LinkedIn discussion here. -sjm
