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Read MoreBret Schaefer: Complaint Against Woodbury Advisor Settled for $510K
Recent investor complaints against Antioch, Illinois financial advisor Bret Schaefer (CRD# 2577117) allege unauthorized trading, misrepresentations, and unsuitable investment recommendations. Financial Industry Regulatory Authority records show that he is a broker with Landolt Securities, having previously been registered with Woodbury Financial Services.
Mr. Schaefer’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in 2021, alleges that as a representative of Woodbury Financial Services, he “misrepresented the time horizon of alternative investments” sold from 2015 to 2019. The pending complaint alleges unspecified damages estimated to exceed $5,000.
An earlier investor complaint, filed in 2022, alleged that as a Woodbury Financial Services representative, he recommended an unsuitable variable annuity investment. In May 2023 the complaint reached a settlement of $53,114.
A third investor complaint, filed in 2021, alleged that as a Woodbury representative, he made unauthorized trades and recommended unsuitable alternative products. In 2022 the complaint reached a settlement of $510,000. In a statement included with the complaint’s disclosure, he wrote that a firm investigation concluded he did not make the trades in question.
According to the Financial Industry Regulatory Authority, Bret Schaefer holds 27 years of securities industry experience. Based in Antioch, Illinois, he has been a broker with Landolt Securities since 2021. His registration history includes Woodbury Financial Services (Greenville, Illinois; 2014-2021), Landolt Securities (Oshkosh, Wisconsin; 2006-2014), Ausdal Financial Partners (Oshkosh, Wisconsin; 2012), Linsco/Private Ledger Corporation (Fort Mill, South Carolina; 2005-2006), Citigroup Global Markets (New York, New York; 2002-2005), BC Ziegler & Company (Chicago, Illinois; 1996-2002), American Express Financial Advisors (Minneapolis, Minnesota; 1995), and IDS Life Insurance Company (Minneapolis, Minnesota; 1995). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Alabama, Arizona, Texas, and Wisconsin. (Information current as of June 24, 2023.)
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