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Jeff Gielau Allegedly Recommended Annuities With Excessive Fees

Mar 3, 2023 Variable Annuities

Jeff Gielau (CRD #: 2378363), a broker registered with Fortune Financial Services, was involved in a recent dispute, according to his BrokerCheck record, accessed on February 22, 2023. Investors may have also engaged his services through Santiago Orchard Financial and Insurance Services. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

On December 29, 2022, multiple investors filed a dispute alleging that Jeff Gielau recommended variable annuities with excessive fees. The clients sought $1 million in damages but the dispute was denied by the firm.

Investors should be aware, however, that firms can deny disputes without an outside review. Investors may still be able to recoup their losses by pursuing FINRA arbitration after a denial.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must use the information in an investor’s profile, such as their age,  tax status, and risk tolerance when making recommendations. Investments may also incur excessive fees, thus making the investment unsuitable. 

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

What are variable annuities? 

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

Background Information

Jeff Gielau has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Jeff Gielau is a registered broker in seven states.

He has also worked for the following firms:

  • Financial West Group (CRD#:16668)
  • Torrey Pines Securities (CRD#:17120)
  • Investment Advisors Corporation (CRD#:117531)
  • Broker Dealer Financial Services Corporation (CRD#:8073)
  • Thrivent Investment Management (CRD#:18387)
  • Lutheran Brotherhood Securities Corporation (CRD#:4205)

Kurta Law Can Help

If you worked with Jeff Gielau and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.