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Investor Alleges Michael Shackel Failed to Disclose Information About Variable Annuities

Jan 5, 2023 Misrepresentation

Michael Shackel (CRD #: 4157324), a broker registered with Thrivent Investment Management, was recently the subject of an investor dispute, according to his BrokerCheck record, accessed on December 27, 2022. Keep reading if you have questions about his alleged conduct as a broker.

Investor Dispute

On October 31, 2022, an investor alleged that Michael Shackel failed to disclose the surrender charge associated with certain variable annuity contracts issued on January 8, 2021.

The client further alleged that Michael Shackel was not appropriately licensed in Tennessee, and failed to offer optional death benefits that were available with these contracts.

The client sought $185,074.97 in damages but the dispute was denied by the firm.

However, investors should be aware that firms can deny disputes without allowing an outside review. Investors can still pursue FINRA arbitration and may be able to recover their funds after a denial.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise fraudulent tactics to influence investors’ decisions. Misrepresenting or omitting information related to an investment’s features, requirements, or limitations violates this rule.

Background Information

Michael Shackel has passed the following exams:

  • Series 65 Uniform Investment Adviser Law Examination 
  • 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

Michael Shackel is a registered broker in Florida, Illinois, Indiana, and Missouri. He is also a registered investment adviser in Illinois.

Kurta Law Can Help

If you worked with Michael Shackel and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.