St. Louis Park, MN | January 22, 2026
Jeffrey Roy Schuur (CRD# 2391965), a financial advisor with over three decades of experience in the securities industry, recently accepted a two-month suspension and $5,000 fine from FINRA for recommending unsuitable variable annuity exchanges to seven customers. The regulatory action, finalized on October 1, 2025, highlights serious concerns about broker misconduct involving complex insurance products and the duty of care owed to investors.
Schuur has been registered with Oakwood Capital Securities, Inc. since July 1995 and currently also serves as an Investment Adviser Representative with Oakwood Capital, Inc., both based in St. Louis Park, Minnesota. The misconduct occurred while he was employed at Oakwood Capital Securities, Inc., where he maintains his General Securities Representative and General Securities Principal registrations.
BrokerCheck Snapshot
Name: Jeffrey Roy Schuur
CRD #: 2391965
Firm: Oakwood Capital Securities, Inc. / Oakwood Capital, Inc.
Location: St. Louis Park, Minnesota
Years in Industry: 32
Number of Disclosures: 1
FINRA Disciplinary Action Details
On October 1, 2025, FINRA charged Schuur with violating industry suitability standards in connection with seven variable annuity exchange recommendations made to customers. According to the findings, Schuur recommended these exchanges “without a reasonable basis to believe that the transactions were suitable based on the customers’ investment profiles and objectives.”
Case Number: 2020065145801
Product Type: Variable Annuities
Resolution: Acceptance, Waiver & Consent (AWC)
Fine: $5,000 (paid October 24-25, 2025)
Suspension: Two months (November 3, 2025 – January 2, 2026)
Capacities Affected: All capacities
The disciplinary action was resolved through an AWC, meaning Schuur neither admitted nor denied the findings but consented to the sanctions. His suspension ended on January 2, 2026, and he is now eligible to resume his securities activities.
The Core Allegations: Depleting Customer Benefits
FINRA’s findings paint a troubling picture of how Schuur’s recommendations harmed his clients’ financial interests. The regulatory order specifically stated that Schuur “failed to reasonably consider the customers’ losses of existing benefits from the liquidation of their existing variable annuities.”
According to FINRA, the impact on customers was significant:
Five customers lost accumulated benefit bases on their living benefit riders, or had the rider benefits eliminated entirely. These losses were “contrary to these customers’ investment goals and financial needs as described in contemporaneous documentation.”
Two exchanges depleted the value of death benefits in existing variable annuities, which was contrary to the customer’s stated investment goals.
In other words, Schuur recommended that customers exchange variable annuities that included valuable guaranteed living benefit riders and death benefit protections for new annuities that either reduced or eliminated these protections—all while the customers’ own documented financial plans indicated they needed exactly the type of protection they were giving up.
Understanding Variable Annuity Exchanges: What Went Wrong
Variable annuities are complex insurance products that combine investment features with insurance guarantees. Many variable annuities include valuable “riders”—optional benefits that customers pay extra fees to obtain. Common riders include:
- Guaranteed Minimum Income Benefit (GMIB) – Guarantees a minimum income level in retirement regardless of investment performance
- Guaranteed Minimum Withdrawal Benefit (GMWB) – Guarantees the ability to withdraw a certain percentage annually regardless of account value
- Enhanced Death Benefits – Guarantees beneficiaries will receive at least a certain amount, even if investments decline
These riders accumulate value over time. A GMWB rider, for example, may have a “benefit base” that grows by 5-7% annually, even if the underlying investments perform poorly. This benefit base determines how much the customer can withdraw in retirement.
When a customer exchanges one variable annuity for another—a transaction known as a “1035 exchange”—they often lose these accumulated benefits. The new annuity may have similar riders, but the benefit bases reset to zero, eliminating years of accumulated guarantees.
The Suitability Standard: Why These Exchanges Failed
Under FINRA rules, particularly Rule 2111 (Suitability), brokers must have a reasonable basis to believe that a recommended transaction is suitable for the customer based on the customer’s investment profile. This includes consideration of:
- The customer’s age, financial situation, and tax status
- Investment objectives and risk tolerance
- Investment experience and time horizon
- Liquidity needs
- Any other information the customer discloses
For variable annuity exchanges specifically, FINRA has published detailed guidance (Regulatory Notice 07-06) requiring brokers to carefully analyze whether the benefits of a new annuity outweigh the costs and lost benefits of surrendering the old one.
In Schuur’s case, FINRA found he failed this standard. The customers had documented investment goals that included the very protections—guaranteed income riders and death benefits—that Schuur’s recommendations caused them to lose.
Why Brokers Recommend Unsuitable Annuity Exchanges
Variable annuity exchanges are a recurring source of investor complaints and regulatory actions. The reason is simple: economics.
When a broker recommends that a customer exchange an existing variable annuity for a new one, the broker typically earns a new commission—often 5-7% of the premium invested. This creates a powerful financial incentive to recommend exchanges even when they’re not in the customer’s best interest.
Consider the perspective of a customer who purchased a variable annuity 10 years ago:
- They’ve paid surrender charges and waited through the surrender period
- Their living benefit rider has accumulated a substantial benefit base
- They’re finally at the point where the annuity is working for them
Now consider the broker’s perspective:
- The old annuity generates no new commission
- A new annuity exchange generates a fresh commission
- The customer may not understand the value of what they’re giving up
This conflict of interest is why FINRA scrutinizes variable annuity exchanges so carefully and why recommendations must be demonstrably suitable.
Oakwood Capital Securities: Schuur’s Long-Term Employer
Jeffrey Schuur has worked for Oakwood Capital Securities, Inc. continuously since July 1995—nearly 30 years. He also holds dual registrations with the affiliated investment adviser firm Oakwood Capital, Inc., which he joined in January 2014.
Oakwood Capital Securities, Inc. (CRD# 21000) is a FINRA-registered broker-dealer based in St. Louis Park, Minnesota. The firm’s longevity and Schuur’s extended tenure raise questions about supervisory oversight. FINRA’s findings indicate the unsuitable exchanges occurred while Schuur was employed at Oakwood Capital Securities, yet there’s no indication in the public record that the firm faced any supervisory failure charges.
This is significant. FINRA Rule 3110 requires firms to establish and maintain a system to supervise the activities of associated persons. When registered representatives engage in unsuitable recommendations, regulators often examine whether the firm’s supervisory systems were adequate to detect and prevent the misconduct.
Schuur’s Industry Background and Credentials
According to FINRA records, Jeffrey Schuur has been in the securities industry since 1993. His career includes:
Current Registrations:
- Oakwood Capital Securities, Inc. (July 1995 – Present) – Registered Representative and General Securities Principal
- Oakwood Capital, Inc. (January 2014 – Present) – Investment Adviser Representative
Previous Firms:
- Gardner Advisors Inc. (January 2014 – December 2020) – Investment Adviser Representative
- Workman Securities Corporation (December 1994 – July 1995) – Registered Representative
- American Express Financial Advisors Inc. (October 1993 – December 1994) – Registered Representative
- IDS Life Insurance Company (October 1993 – December 1994)
Securities Licenses:
- General Securities Principal (Series 24) – Passed September 2006
- General Securities Representative (Series 7) – Passed October 1993
- Uniform Securities Agent State Law (Series 63) – Passed October 1993
- Uniform Investment Adviser Law (Series 65) – Passed June 2019
- Securities Industry Essentials (SIE) – Passed October 2018
Schuur is currently licensed in 16 U.S. states and territories, including Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, California, Arizona, Colorado, Montana, Nebraska, Kansas, Indiana, Nevada, Texas, Virginia, and Washington.
Outside Business Activities: Insurance and Tax Planning
In addition to his securities registrations, Schuur reports significant outside business activities that involve approximately 45 hours per month during trading hours:
- Life and Long-Term Care Insurance Sales – Approximately 10 hours per month since 1995 (investment-related business)
- JRS, LLC – Owner since 2006, providing personal tax and financial planning services. Approximately 10 hours per month (non-investment outside business activity)
- Oakwood Capital, Inc. – Investment Adviser Representative, approximately 25-30 hours per month during trading hours
This multi-faceted business model is common among financial advisors but can create conflicts of interest if not properly managed and disclosed. The combination of securities sales, insurance sales, and tax planning gives advisors multiple ways to generate revenue from the same clients, which can influence recommendation decisions.
Red Flags in Variable Annuity Recommendations
The FINRA action against Schuur highlights several warning signs investors should watch for when a financial advisor recommends a variable annuity exchange:
Benefit Base Depletion – If you have a guaranteed living benefit rider with an accumulated benefit base, exchanging to a new annuity typically resets this to zero. Ask your advisor to calculate exactly what you’re giving up.
Death Benefit Loss – Enhanced death benefits accumulate value over time. A new annuity may offer death benefits, but they won’t have the accumulated step-ups of your existing policy.
Commission Incentives – Ask your advisor directly whether they’ll receive a commission on the new annuity, and how much. High commissions create obvious conflicts of interest.
Surrender Charges Restart – Even if you’ve completed the surrender period on your old annuity, the new one typically comes with a fresh 7-10 year surrender charge period, trapping your money.
Fee Analysis Gaps – Advisors should provide a detailed comparison of total fees (mortality and expense charges, rider fees, sub-account fees, administrative charges) between the old and new annuities.
Documented Goals Contradiction – If your financial plan or investment policy statement emphasizes guaranteed income or principal protection, an exchange that eliminates these guarantees is likely unsuitable.
Pressure Tactics – Be wary of advisors who pressure you to act quickly on an exchange or who downplay the value of existing benefits.
Can You Recover Losses from Unsuitable Annuity Exchanges?
If you were recommended an unsuitable variable annuity exchange—particularly one that caused you to lose accumulated living benefit riders, enhanced death benefits, or other valuable guarantees—you may be entitled to recover your losses through FINRA arbitration.
Variable annuity suitability cases often involve multiple violations:
- Suitability violations – Recommendations that don’t match your investment profile and objectives
- Failure to disclose – Not adequately explaining what benefits you’re giving up
- Breach of fiduciary duty – If the advisor acted in an advisory capacity, they owed you the highest standard of care
- Churning – Excessive exchanges designed primarily to generate commissions
- Elder financial abuse – If you were 65 or older when unsuitable exchanges were recommended
Patil Law, P.C. represents investors nationwide who have been harmed by unsuitable variable annuity recommendations, exchanges, and other forms of investment fraud. We have over 15 years of experience in securities law and have recovered more than $25 million for clients across 1,000+ cases.
Our Experience with Variable Annuity Cases
Variable annuity litigation requires attorneys who understand both the legal standards and the technical complexities of these products. Attorney Chetan Patil and our legal team—including attorneys Gabriela Dubrocq and Patricia Herrera—focus exclusively on investor protection and securities law.
We handle cases involving:
- Unsuitable variable annuity purchases
- Improper variable annuity exchanges (1035 exchanges)
- Loss of guaranteed living benefit riders
- Depletion of death benefit values
- Excessive fees and surrender charges
- Misrepresentation of annuity features and costs
- Sales to elderly investors with unsuitable time horizons
- Concentration of retirement assets in high-fee annuities
We work on a contingency fee basis, meaning you pay no attorney fees unless we recover money for you. Your consultation is completely free and confidential.
Understanding FINRA Arbitration for Annuity Claims
FINRA arbitration is the primary forum for resolving disputes between investors and brokers or brokerage firms. It’s a streamlined process designed specifically for securities-related claims.
Key aspects of FINRA arbitration:
- Faster resolution – Most cases conclude within 12-16 months, compared to 2-4 years for court litigation
- Industry expertise – Arbitrators include securities industry professionals and public members with dispute resolution experience
- Lower costs – Generally less expensive than traditional litigation, though still requiring experienced counsel
- Finality – Arbitration awards are binding with very limited grounds for appeal
- Statute of limitations – Claims generally must be filed within six years of the incident
For variable annuity cases, the statute of limitations typically runs from the date of the unsuitable exchange, not from when you discovered the problem. This makes it critical to act quickly if you suspect your advisor recommended an unsuitable transaction.
Time Limits Apply: Act Now to Protect Your Rights
Securities claims must generally be filed within six years under FINRA rules. If you exchanged a variable annuity based on Jeffrey Schuur’s recommendation, or if you experienced similar issues with another financial professional, time may be running out to protect your rights.
The six-year clock typically starts running from the date of the transaction, not from when you discovered that the exchange was unsuitable. This means if you exchanged an annuity in 2019 or 2020, you may have limited time remaining to file a claim.
Don’t let the statute of limitations expire on your potential claim.
What to Do If You Were Schuur’s Client
If Jeffrey Schuur recommended that you exchange a variable annuity, particularly between 2017 and 2025, you should:
- Locate your account statements from both the old and new annuities
- Review your investment profile and suitability documentation to see what investment objectives and risk tolerance you documented
- Identify what benefits you had in your old annuity (living benefit riders, death benefit enhancements, accumulated benefit bases)
- Compare fees between the old and new annuities
- Document any losses you’ve experienced or any income guarantees you lost
- Contact a securities attorney for a free case evaluation
The FINRA disciplinary action against Schuur establishes that he engaged in unsuitable variable annuity exchange recommendations. If you were one of his customers during this period, you deserve to know whether you were affected.
Related Brokers and Resources
For more information about broker misconduct at other firms and involving other products, see:
- Oakwood Capital Securities Complaints – Information about other advisors at Schuur’s firm
- Variable Annuity Fraud – Understanding unsuitable annuity sales and exchanges
- Elder Financial Abuse – Protection for senior investors
- Failure to Supervise – When brokerage firms fail to prevent advisor misconduct
- REIT Losses – Non-traded REIT investments and suitability issues
Frequently Asked Questions About Variable Annuity Exchange Cases
What makes a variable annuity exchange unsuitable?
An exchange is unsuitable when the costs and lost benefits outweigh any advantages of the new annuity. Common problems include depleting accumulated living benefit riders, losing enhanced death benefits, restarting surrender charge periods, and increasing total fees—all while the exchange generates a new commission for the broker. The exchange must be suitable based on your documented investment objectives and financial situation.
How long do I have to file a claim against my broker?
Under FINRA rules, you generally have six years from the date of the unsuitable transaction to file an arbitration claim. This deadline is strict and starts running from the transaction date, not when you discovered the problem. Some state laws may provide longer or shorter time limits, but six years is the standard FINRA period.
Can I recover losses if the broker’s firm didn’t supervise properly?
Yes. Brokerage firms have a legal duty to supervise their registered representatives. If a firm failed to implement reasonable supervisory systems to detect unsuitable annuity exchanges, or if it ignored red flags indicating a pattern of unsuitable recommendations, the firm can be held liable for the representative’s misconduct under a failure to supervise theory.
What does an AWC mean in a FINRA case?
An Acceptance, Waiver and Consent (AWC) is a settlement between FINRA and a broker or firm. The respondent agrees to accept sanctions without admitting or denying the allegations. While this means Schuur didn’t admit wrongdoing, the AWC represents FINRA’s formal findings and establishes that the conduct occurred. These findings can be powerful evidence in investor arbitration claims.
How do I check my broker’s disciplinary history?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org and search by the broker’s name or CRD number. The report will show employment history, licenses, and all reported disclosures including customer complaints, regulatory actions, arbitrations, and criminal matters. Every investor should check their broker’s background before doing business with them.
What should I do if I suspect my annuity exchange was unsuitable?
First, gather all documentation including account statements, annuity contracts, benefit illustrations, and any correspondence with your advisor. Compare what living benefit riders or death benefits you had in your old annuity versus what you have now. Calculate the total fees in both annuities. Then contact a securities attorney who specializes in variable annuity cases for a free consultation to evaluate whether you have a valid claim.
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, 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 Today
If you lost money or lost valuable annuity benefits based on Jeffrey Schuur’s recommendations, or if you have concerns about unsuitable variable annuity exchanges recommended by any financial advisor, contact us today for a free, confidential consultation.
Call: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
There is no cost and no obligation. We’re here to help you understand your rights and your options for recovery.
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.