It resembles the DAGAZ rune, see picture. Runes were greatly abused by fascists. They were based on the teachings of Quido von List. The misuse of the symbol consisted of turning symbol - then it serves an evil, such was for example swastika.
Inverted position of the Dagaz rune indicates the betrayal of one's own ideals or the sale of one's own soul. The circle is a sign of protection and inviolability. The color red also says a lot.