Haselkorn & Thibaut, P.A., operating as Investment Fraud Lawyers, has formally opened an independent investigation into Paul Schackman (CRD #5702193), a financial advisor most recently registered with Valic Financial Advisors, Inc.. If you are an investor in New York, NY (or nationwide) and have concerns about your accounts or interactions with Paul Schackman during his tenure with Valic or prior broker-dealers, we urge you to review the details below and consider your rights. Our former Wall Street defense attorneys leverage over 95+ years of combined securities law experience and have maintained a 98% success rate across hundreds of investor claims. We stand ready to serve as your dedicated advocates and pursue recovery of your lost funds.
Why Our Firm Is Investigating Paul Schackman
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Investor protection is built on trust, transparency, and strict adherence to ethical standards. It is our mission to ensure that those standards are upheld everywhere your investments are managed.
According to our investigation—and a comprehensive review of the FINRA BrokerCheck record for Paul Schackman—there is a recent and significant employment separation disclosure that may raise key questions for investors.
- Valic Financial Advisors, Inc. discharged Paul Schackman on July 10, 2026 following an internal review regarding improper handling of client documentation.
- The internal review included interviews and electronic record analysis, and concluded that Schackman’s conduct violated firm policy and procedure.
- He was terminated for cause by Valic Financial Advisors, Inc.
- The product involved was listed as “No Product,” suggesting the concern centered around process and documentation rather than specific investment products.
As of August 25, 2026, Paul Schackman is no longer registered with any FINRA member firm.
This discharge event appears in context of a long industry history, previously at Steward Partners Investment Solutions, LLC and Raymond James Financial Services, Inc., with no other customer-initiated claims or disciplinary actions on record.
What Does “Improper Handling of Client Documentation” Mean for Investors?
When a broker-dealer like Valic Financial Advisors, Inc. separates a financial advisor for “improper handling” of documents, the concern is both regulatory and practical. The accuracy and security of your investment documentation are critical. Mishandling these documents can directly impact your ability to:
- Verify trades, transfers, or changes in your portfolio
- Understand fee arrangements and investment costs
- Establish a clear transaction history—vital for audits or potential legal claims
- Confirm compliance with Regulation Best Interest (Reg BI) and other investor protection standards
Even a single breach—or pattern of improper documentation—can result in a loss of investor confidence and can potentially mask improper recommendations, unauthorized transactions, or conceal conflicts of interest.
Regulatory Standards: FINRA Rule 2010, FINRA Rule 4511, and Regulation Best Interest (Reg BI)
| Regulatory Rule | Key Requirement | Why It Matters to Investors |
|---|---|---|
| FINRA Rule 2010 | Requires brokers to maintain high standards of commercial honor and fair trade. | Ensures your advisor acts with integrity and prioritizes your best interests. |
| FINRA Rule 4511 | Mandates diligent recordkeeping and preservation of all client documents. | Accurate records are crucial to protect your rights and support your claim in case of disputes. |
| Regulation Best Interest (Reg BI) | Imposes a heightened standard of care, disclosure, and conflict mitigation for broker-dealers. | Provides you additional protections, ensuring recommendations are truly in your best interest. |
In our role as investor advocates, we investigate every indication that these critical standards were not met. When documentation is mishandled, it can mean your interests were not properly safeguarded. Our attorneys, designated as Super Lawyers and rated in the Top 2% by Martindale-Hubbell (AV Preeminent), know how to pinpoint violations and fight for recovery on your behalf.
Comprehensive Background: Paul Schackman’s Record
- Current Registration Status:
No longer registered as of July 2026 (last with Valic Financial Advisors, Inc.). - Past Affiliations:
Valic Financial Advisors, Inc.
Steward Partners Investment Solutions, LLC
Raymond James Financial Services, Inc. - Industry Exams Passed:
Securities Industry Essentials (SIE), Series 57TO, Series 55, Series 7, Series 6, Series 66, Series 63 - Disclosures:
- One employment separation (Valic, 2026), citing improper conduct with client documentation.
- No other arbitration claims, regulatory actions, or formal complaints as of review date.
- No SEC or state regulatory actions, bankruptcies, or litigation recorded.
Potential Red Flags & What to Watch For
While there are no customer-initiated complaints or formal regulatory actions against Paul Schackman currently, the nature of his discharge from Valic Financial Advisors, Inc. is a material disclosure. Investors should watch for:
- Unexplained discrepancies in your client documents
- Delays in trade confirmations or account statements
- Miscommunication regarding investment recommendations or changes
- Surprise fees or lack of transparency about charges
If you recognize any of these issues or suspect your documentation may have been mishandled, act quickly to protect your recovery rights.
Should You Be Concerned About Your Losses?
Improper documentation is often symptomatic of deeper process failures. While no customer losses or complaints have been officially filed against Paul Schackman to date, wrongful handling of your records could compromise your funds, account integrity, or your ability to seek redress. Our experience shows that even minor compliance lapses can, over time, mask larger risks. Don’t wait until you see missing funds—proactive review is the key to safeguarding your investments.
How We Can Help Recover Your Investment Losses
Our attorneys are uniquely qualified—and battle-tested—to pursue recovery on your behalf. As former Wall Street defense counsel, we possess the “insider knowledge” to identify and challenge the highly technical failings that can hurt investors. With 5.0-star client reviews and a proven record of advocating for individuals in complex securities matters totaling over $520 million, we offer:
- A free, confidential review of your case
- No recovery, no fee representation
- Comprehensive documentation audits
- Direct, tenacious advocacy in FINRA arbitration and related proceedings
Your initial consultation costs nothing—we want to empower investors to act before further losses occur.
Take Action: Secure Your Free Consultation Today
If you worked with Paul Schackman at Valic Financial Advisors, Inc. (or Steward Partners or Raymond James), and suspect any issues concerning your records, investments, or recommendations, now is the time for decisive action. Every inquiry is confidential. Our only goal is to recover your funds and protect your interests.
Contact our top-ranked attorneys now at 1-888-885-7162 for a free consultation.
Let us put our insider experience, securities law knowledge, and investor-focused advocacy to work for you.
