Jeffrey Schuur: FINRA Suspends Oakwood Capital Advisor

St. Louis Park, Minnesota financial advisor Jeffrey Schuur (CRD# 2391965) was recently sanctioned and suspended in connection with allegedly unsuitable variable annuity recommendations. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Oakwood Capital.

A Letter of Acceptance, Waiver, and Consent (No. 2020065145801) describes FINRA’s disciplinary action against Mr. Schuur. Filed in October 2025, it states that between 2017 and 2020, he “recommended seven variable annuity exchanges to three customers without a reasonable basis to believe that the transactions were suitable based on the customers’ investment profiles and objectives.” As the letter notes, variable annuities “are complex, long-term investments” that requre the firms and brokers who recommend them to “exercise particular care before” recommending them. The letter also notes that FINRA Rule 2330 prohibits brokers from recommending annuity purchases or exchanges unless they have a reasonable basis to believe the transactions are suitable for the customer; at the same time, FINRA Rule 2111 stipulates that brokers must “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer.”

As for the alleged underlying transactions, FINRA found that Mr. Schuur recommended annuity exchanges to three “senior retail customers” without a reasonable basis to believe they were suitable. It also found that he “failed to reasonably consider the customers’ losses of existing benefits from the liquidation of their existing variable annuities.” The letter goes on to allege that of the seven exchanges, five “depleted the accumulates benefit bases on the customers’ living benefit riders or eliminated the rider benefits entirely.” These losses were not aligned with the customers’ investment goals and financial needs, according to FINRA. As a result, FINRA found that he violated Rules 2330, 2111, and 2010. The regulator issued Mr. Schuur a two-month suspension from associating with any member firm. It also ordered him to pay a fine of $5,000.

According to the Financial Industry Regulatory Authority, Jeffrey Schuur holds 32 years of securities industry experience. Based in St. Louis Park, Minnesota, he has been registered as a broker and an investment advisor with Oakwood Capital since 1994 and 1995, respectively. His past registrations include Gardner Advisors, Workman Securities Corporation, American Express Financial Advisors, and IDS Life Insurance Company. His credentials include the passage of five securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the General Securities Principal Examination, or Series 24. He holds 26 state licenses. (Information current as of October 6, 2025.)

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