Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:04/10/2025

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Schaeffer's Investment Research (SIR) uses fraudulent newsletter reporting to solicit business via phone calls. I purchased two services from them in 2024 based on the reported performance which was not supported by standard SEC performance standards. In fact, the method used was entirely meaningless. After signing up for a trading newsletter, cancelling causes a forfeiture of 25% of purchase price. This week I received a solicitation from Andrew Updike. I asked "What are you saying the return is?" Response: " A little over 1,025% year to date. Here are actual trades that SIR claimed was over 1,025%. Strategy Entry Avg Exit Avg Straight Buy 6.920 0.000 Straight Buy 1.700 3.660 Straight Buy 6.450 26.490 Straight Buy 0.340 0.010 Straight Buy 1.450 5.800 Straight Buy 0.610 2.500 Straight Buy 2.520 0.010 Straight Buy 4.690 0.010 Straight Buy 1.880 4.500 Straight Buy 1.060 0.010 Straight Buy 3.520 0.010 Straight Buy 5.690 0.010 Straight Buy 0.320 0.300 Straight Buy 1.630 6.920 Straight Buy 3.640 0.000 Straight Buy 1.680 5.890 Straight Buy 1.700 2.980 Straight Buy 2.460 2.490 I have a recording of the phone call, as does SIR.

  Business Response

  Date: 04/17/2025

  The matter was resolved directly with the customer.

• Initial Complaint

  Date:03/31/2025

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  1/4/2025. Was promised a Software package together with training to learn Option trading. Neither the package nor the training was every provided. The best refund offered despite none delivery was 75% after a 90 day holding period. None delivery of a product or service is reason for a full refund. I have requested a full refund several times. Some correspondence is attached.

  Business Response

  Date: 04/03/2025

  The complaint was resolved directly with the customer.

  Customer Answer

  Date: 04/03/2025

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ***** ****** ******
  

• Initial Complaint

  Date:03/19/2025

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Cannot use Schaffers services after payments as no customer education and training provided during account manager phone discussion. During first 48 hours since gap discovered between customer using Schaffers recommendation (SR), software and setup to use SR email send multiple email with notification to return funds back. Further, account manager Ryan confirm that he does not have completed training to assist how to use with details of using option investment.

  Business Response

  Date: 03/26/2025

  Client subscribed to our trading package on 1/29/25.  With this purchase, we included our online educational course for self-directed education as well as 12 months of access to our live educational events every week (a value of well over $4000 – completely free) as he indicated he would need additional educational support at the point of sale.
  
  Everything required for utilizing this purchase was provided at point of sale, including complimentary access to options education, weekly access to a live trader Q&A for any ongoing questions, a detailed handbook outlining how to utilize every bit of the trading programs purchased, and a Quick Start Guide with additional resources to support his trading goals.
  
  This client is claiming that we failed to train him on hardware/software/systems that are not part of our offering and not affiliated with our company at all. None of the systems he is trying to use are required to utilize the subscription he purchased from Schaeffer’s. While we absolutely assist clients to help them understand the various parameters of our services, but we cannot assist with other company’s products of which we are not affiliated.   Schaeffer’s absolutely fulfilled (with bonuses added on) the client’s order from January and provided more support than is normally required to this client because of client demands.
  
  We are unable to honor our customer’s refund request currently as the transaction in question is currently under an active credit card dispute.  If the customer elects to withdraw his dispute, we will absolutely honor his 75% refund under his 90-day, pro-rated satisfaction guarantee if requested within the proper refund window of April 30th through May 14th.     
  
  RESPONSE TO MISLEADING SERIES OF EVENTS POSTED BY CLIENT (BACKED BY CALL RECORDINGS AND EMAIL DELIVERY CONFIRMATIONS):
  1.  At the time of purchase, customer received – within 15 minutes – access to our options basics educational platform, access to 90 days’ worth of weekly trader Q&A sessions, a detailed handbook on how to execute positions recommended by the programs he purchased, and a Quick Start Guide. Confirmed by email delivery tracking.
  2.  Customer was not misled. Customer CAN use Schaeffer’s recommendations without setup, hardware, software, or other tools. Most of our customers do just that.
  3.  Customer demanded that Schaeffer’s employees train him on non-Schaeffer’s products that are not required to utilize Schaeffer’s services and is repeatedly told that Schaeffer’s employees are not trained on other company’s products, so customer needs to reach out to whatever companies he is looking to work with and ask THEM how to use their products. Customer is never told that any Schaeffer’s employee does not know how to support the usage of our trading services.
  4.  As demonstrated in complaint, customer is fully capable of using email to communicate. This confirms that customer received all training materials and all trade recommendations and all weekly invites to trader Q&A events despite claims that he did not get any help or fulfillment of Schaeffer’s products.

  Customer Answer

  Date: 03/27/2025

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.

  
  

  
  
  Regards,
  
  **** **********
  

  Customer Answer

  Date: 04/06/2025

  Please, let me know if any additional information may assist further with my request using both files after your review.

  Thank you again,

  ****

  Business Response

  Date: 04/21/2025

  The issue was already resolved directly with the customer.

  Customer Answer

  Date: 04/21/2025

  Better Business Bureau:
  Complain ID ******** resolved with greatest assistance from BBB and credit card company. Schaffers return withholding customer funds back to credit card. 
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  **** **********
  

• Initial Complaint

  Date:02/17/2025

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This complaint was filed with BBB (Case # ********) and Schaeffer's Investment agreed to refund $4995 that was fraudulently misrepresented on January 17, 2025. The refund has not been paid and the money keeps accruing credit card interest. Therefore, in addition to $4995, Schaeffer's Investment Research must be responsible for all interests accrued because of this charge. I want my refund to be paid ASAP

  Business Response

  Date: 02/22/2025

  Refund was paid as agreed on 2/13/25.

  Customer Answer

  Date: 02/22/2025

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ****** *******
  

• Initial Complaint

  Date:02/08/2025

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On January 17, 2025, I, Schaeffer's Investment Research, completed an online form to buy the ***** **** ********* product for $795. Shortly after I submitted the form with my credit card information, I received a call from a representative (Edwin) from the company stating that they have another better product and it would only cost me Forty-nine, ninety-five ($49.95). It is better than the product that I have chosen. If I agree, with the Forty-nine, ninety-five (product), he will refund the $795 and only charge me $49.95. I said ok. $49.95 is better, like he said. The same evening when I checked to see if they had refunded my $795, I saw they had charged me *$4995.00* instead of *$49.95*. I knew that I had been scammed! He called me again on January 22, as a follow-up, probably to see if I would agree to the fraud, bluntly I told him that he lied about the cost of the product.Instead of $49.95, They charged me $4995.That is fraud!!! I want all my money ($5790) refunded. That is, $795 and $4995 ($5790). I do not want to do business ever again with the company and I want the public to be aware of the scam..

  Business Response

  Date: 02/13/2025

  This is not a case of fraud, but of miscommunication.  Although the price was spelled out completely multiple times throughout the call, we agree to refund your $4995 purchase due to a language barrier.  The $795 ***** **** ********* online purchase was originally used as a credit to reduce the out-of-pocket cost of the ********* ****** package.  Considering the ***** **** ********* program was agreed to as a Non-refundable online purchase, it has been re-activated on your account. 

  Customer Answer

  Date: 02/13/2025

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ****** *******
  

• Initial Complaint

  Date:01/25/2025

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This company is taking advantage of my father-in-law. It is elder abuse pure and simple. He is not cognitively able to keep up with the sales people who constantly call and charge him thousands of dollars each month. He has gotten nothing from them and has spent approximately $30,000 at this point. Immoral and illegal.

  Business Response

  Date: 01/31/2025

  We categorically deny all allegations made in this complaint.  This BBB complaint is the first notification we have ever received regarding any type of cognitive impairment on our customer’s behalf.  Immediately following receipt, we followed up directly with our customer and then through his family members who made these allegations to try to understand the situation. Although we politely requested documentation to corroborate the family’s alleged concerns, nothing was provided, and it was clearly indicated that there is no such documentation of any cognitive issue or the customer’s lack of power of attorney. 
  
  Through an abundance of caution, we immediately honored the family’s request to discontinue all future sales communications.  The customer has been a paid subscriber of Schaeffer’s trading publications for well over 25 years.  All subscriptions he has purchased have been delivered as promised and continue to be delivered without a single reported issue.  After a complete audit of all sales correspondence with the customer, it was found that all transactions were completed with full legal disclosures and achieved legal consent for purchase.  Schaeffer’s and its employees never had any reason to suspect cognitive incapacity as the customer continuously indicated active and ongoing trading participation. 
  
  Without any evidence to support these complaints and simultaneously without even a direct complaint from our actual customer, we are unable to honor a refund to family members without proper documentation of power of attorney.
  
  Finally, the complainant here is NOT a Schaeffer’s Investment Research customer and that phone number/email address combination has not been used for any sales or marketing communications on behalf of the company.

  Customer Answer

  Date: 01/31/2025

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.

  
  

  
  

  ******* was promised that he would make money with your obscenely overpriced newsletters by your smooth talking salesmen. Additionally, he was assured of a money back guarantee if he didn't. 

   

  The business did reach out and discussed the issue, but got off the call stating they would get back to us with options. Obviously, they instead decided to deny everything publicly instead. 

   

  We are not requesting a refund for multiple years charges, only for the obscenely large ones made over the past few months. They took advantage and need to do what's right and refund his money. 
  
  Regards,
  
  ********* ********
  

  Customer Answer

  Date: 02/12/2025

  The charges began with a $99 initial charge back in September of last year. This was followed by a charge for $795 just 10 days later. I am assuming this was one of those trial period schemes where if you don't cancel then you are charged a much higher price than you initially thought you were paying. However, the abuse only escalated going forward.

  Throughout October, Schaeffers charged **** four separate times, totaling $6495. In November he was charged twice more for a total of $8490. In December there were two more charges totaling $10490.

  The last charge in January was for $6995. This was made following a 4 minute long conversation the day prior. If these sales people honestly couldn't tell they were taking advantage of an elderly gentleman (a claim I highly doubt to be truthful) then it was only because they spent so little time talking to him at all. We had to close the credit card account to get them to stop charging insane amounts of money every month.

  For a newsletter.

  Furthermore, **** did NOT reply to confirm any of the orders after December 4th, despite emails asking him to confirm. Schaeffers did not seem bothered by this fact and continued to bill tens of thousands of dollars anyway.

  Customer Answer

  Date: 02/19/2025

  ******* has sent that email to a contact at Schaeffer Investment services and copied ******* from BBB. 

  Business Response

  Date: 03/10/2025

  Signed contracts are not legally required to purchase over the phone as verbal consent is sufficient.  We will email a detailed account summary of all charges and product subscriptions, along with applicable guarantees to all parties within the next 1-2 days. 
  
  Please let me know if I can be of further assistance.

• Initial Complaint

  Date:10/20/2024

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I Signed up for two programs based on their sales persons recommendations and was told that I woudl be receiving a lifetime subscription for the cost of a 1 year service. After I signed up I learned of the actual program costs and found I was over charged by $7000 on the two programs, The company representatives keep stating they will work on a resolution but nothing has been done in the 3 weeks since I brought this to their attention. Very deceptive and dishonest pricing and selling techniques. They are overcharging customer by thousand of dollars.

  Business Response

  Date: 10/25/2024

  Despite our best efforts, we have not been able to reach the customer.    We attempted to contact the customer multiple times without success.  The charges in question are under active credit card disputes at this time.

  Customer Answer

  Date: 10/25/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.

  
  

  
  

  I have reached out to the business on multiple occasions via phoned email. They just tried calling me back on Thursday and again today. I have been busy at work and was unable to take the calls.

   

  I have call transcripts provided by this company showing that I was in fact over charged. The credit card dispute was ruled in their favor which I am continuing to pursue as the credit card companies did not read the call scripts which support my claims.

   

  They have made multiple promises to correct the and have yet to do so
  
  
  
  Regards,
  
  ****** ******
  

  Business Response

  Date: 10/29/2024

  This matter has been resolved directly with the customer.

  Customer Answer

  Date: 11/12/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ****** ******
  

• Initial Complaint

  Date:10/09/2024

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Date of transaction -9/12/2024. Total money involved was $5094 I believe this was a bait and switch scam. I originally signed up for a $99 special lifetime access to financial info.. The next day I received a wake-up call and the person said this was about option trading and I responded that I was not interested in option trading. He responded that he could put me in a program with stock trading for forty nine ninety five. I assumed this was $49.95 and after checking my credit card the amount was $4995. I then found out they do not offer refunds. They said I could apply for a partial refund after 90 days. They did nothing about my original $99 although they originally told me the amount would be refunded.

  Business Response

  Date: 10/10/2024

  This matter was resolved directly with the customer.

  Customer Answer

  Date: 10/10/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ***** ********
  

• Initial Complaint

  Date:09/27/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Purchased a product from Schaffer Investment Research designed to provide recommendations on option market investments on 9/27/24. Part of the application was to check a box that the fee was non refundable. Later that day I received a call where the agent informed me that the product I purchased was not suitable for my level of option trader. I am level 1 and the product I purchased was for Level 3 and 4. There was no mention of this in the marketing emails. He then offered to refund the purchase price of $195 as long as I opted into another program that was more on my level for $1900. I declined this offer. I am retired on Social Security and I was not comfortable spending that amount. When I contacted Customer Service I was told since I checked the box there would be no refund I replied to that email that was not a satisfactory answer. I received a further reply that said: - I should have known that the trades would require a level 3 or 4 certification - I should have done more research. If I had known about the level requirement I would not have purchased the product. I feel this is an intentional bait and switch scam. The aggressive approach by the agent I spoke to contributed to this opinion.

  Business Response

  Date: 09/30/2024

  The issue has been resolved directly with the customer.

• Initial Complaint

  Date:09/14/2024

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  After signing up to several lifetime services, the company took $2995 out of my account with no explanation. I immediately asked to cancel it. The company asked me to try it for 90 days. I originally said no. They were pushy so I agreed that I need more information about this product and I couldn't start the 90 day period for a week. No one told me I wouldn't get all my money back. One person told me I could use the 25% for other products and if that didn't make me happy I could get my money back. I've been clear that I want all my money back. It is now 90 days later and I asked for my money back yesterday. I didn't get it yet and they are telling me that they are keeping 25% despite not providing information about this policy. I am angry about this behavior.

  Business Response

  Date: 09/18/2024

  This matter was resolved directly with the customer.

  Customer Answer

  Date: 09/18/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. The funds are pending in my my checking account. I appreciate your help.
  
  Regards,
  
  ****** ******