Harmond Schaefer Allegedly Misrepresented a Variable Annuity

Harmond Schaefer (CRD #: 412284), a broker registered with Equitable Advisors, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on March 20, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Dispute

On December 20, 2023, an investor alleged that Hardmon Schaefer misrepresented a variable annuity. The dispute was denied, but investors should know that firms can deny disputes without an external review. 

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

Variable Annuities 

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying securities. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Misrepresentation violates this rule. 

Background Information 

Harmond Schaefer has passed the following exams:

• Series 63 Uniform Securities Agent State Law Examination 
• Series 6TO Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination
• Series 22 Direct Participation Programs Representative Examination 
• V06 – Variable Annuities Module Examination 

He is a registered broker in seven states. 

Kurta Law Can Help 

If you have worked with Harmond Schaefer and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.