Last Updated: October 2024 (Woodridge, Illinois)
Michael Gregory Shackel Financial Advisor Fraud Alert
National securities fraud lawyers at Patil Law P.C. are investigating broker Michael Shackel (CRD #4157324), a financial advisor at Thrivent Investment Management, who has faced a customer dispute regarding a failure to disclose variable annuity surrender charges and licensing issues.
Michael Gregory Shackel (CRD #4157324) is a long-serving financial advisor with over two decades of experience at Thrivent Investment Management Inc., but he has faced a customer dispute alleging non-disclosure of fees and licensing issues. Below, we provide details on his professional background, customer complaints, and the allegations that potential investors should consider before working with him.
Critical Insights about Woodridge, IL Stockbroker Michael Gregory Shackel
- Advisor Name: Michael Gregory Shackel
- CRD: 4157324
- Location: Woodridge, IL
- Current Employer: Thrivent Investment Management Inc.
- Classification: Stockbroker + Financial Advisor
- Primary Location: Woodridge, IL
- Can Michael Shackel be sued in private FINRA arbitration: Yes
- Customer Dispute Allegations: Variable annuity surrender charges and lack of licensing in Tennessee
If you have suffered investment losses in an account handled by Mr. Shackel or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Lost Money With Stockbroker Michael Gregory Shackel?
A customer of Thrivent Investment Management Inc. filed a dispute on October 31, 2022, alleging that Michael Shackel did not disclose surrender charges on variable annuity contracts issued in January 2021 and was not licensed in Tennessee at the time. The customer also claimed that optional death benefits available with the contracts were not offered. The customer sought $185,074.97 in damages. The case was reviewed and closed without any action taken on November 11, 2022.
- Complaint Filed: October 31, 2022
- Complaint Closed: November 11, 2022 (No Action)
- Alleged Damages: $185,074.97
- Settlement Amount: Denied
Allegations of Broker Misconduct Against Michael Gregory Shackel
Customers of Michael Shackel have alleged the following misconduct in connection with their accounts:
- Failure to Disclose Surrender Charges: The customer complaint involved allegations that Shackel did not disclose surrender charges associated with a variable annuity, which led to financial losses for the client.
- Licensing Issues: The complaint also claimed that Shackel was not licensed in Tennessee at the time the variable annuity was issued, raising concerns about the legality of the transaction.
These actions may be relevant to FINRA Rule 2111, which requires brokers to ensure that their recommendations are suitable and compliant with all regulatory requirements.
Broker Experience Summary
Michael Gregory Shackel (CRD #4157324) has been registered as a financial advisor with Thrivent Investment Management Inc. since March 2000. Based in Woodridge, Illinois, he has over two decades of experience in the securities industry. Shackel is currently registered with one self-regulatory organization (FINRA) and holds licenses in seven U.S. states, including Illinois, Florida, Indiana, and Wisconsin.
Throughout his career, Shackel has passed five industry exams, including three general industry/product exams and two state securities law exams. He is qualified as a General Securities Representative (Series 7) and holds licenses in the sale of investment company products and variable contracts (Series 6). His experience spans a broad range of financial services, with his most recent employment being a registered representative at Thrivent Investment Management.
Negative Disclosures and Customer Disputes
Michael Shackel has one customer dispute on his record. Below is a summary of the key details:
- Customer Dispute (Filed October 31, 2022): A customer alleged that Shackel did not disclose surrender charges related to variable annuity contracts issued in January 2021. The customer also claimed that Shackel was not licensed in Tennessee at the time of the transaction and that certain death benefits were not offered. The customer sought $185,074.97 in damages. The case was reviewed and closed without action on November 11, 2022.
Allegations and Accusations in Terminations or Regulatory Actions
- Licensing and Disclosure Allegations: The customer dispute filed in 2022 alleged that Michael Shackel failed to disclose important surrender charges on variable annuities and that he conducted business without being properly licensed in Tennessee. These allegations, though serious, resulted in no action being taken after the investigation was completed.
These claims raised concerns related to compliance with FINRA Rule 2111, which governs the suitability and regulatory requirements of broker recommendations.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Michael Gregory Shackel or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
