Erez Law is currently investigating former Northwestern Mutual Investment Services, LLC broker John Kersey (CRD# 1480524) regarding private securities transactions.
He was registered with Northwestern Mutual Investment Services, LLC in Cincinnati, Ohio, from 2001 to 2023, when he was terminated regarding, “Representative permitted to resign while under internal review for concerns that the representative took money from a customer and created false account documents which overstated investment account values with the Firm. The representative admitted to taking money from the customer and depositing it into an account away from the Firm.”
In November 1999, The National Association of Securities Dealers sanctioned him to pay a $7,500 fine and suspended him for one month following allegations that he “participated in a course of conduct that constituted the mishandling of a customer’s funds.”
In November 2023, FINRA barred him after he failed to respond to FINRA requests for information.
John Kersey Customer Complaints
He has been the subject of six customer complaints in 2023, according to his CRD report:
October 2023. “Customer alleges that in August 2018, they gave money to the Representative and that the Representative misled them to believe that this money was used to invest on their behalf in an education fund and another investment account. The Firm has no record of this transaction.” The case was settled for $97,116.68. The complaint was regarding private securities, and it took place while he was registered with Northwestern Mutual Investment Services, LLC.
September 2023. “Customer alleges that from 2012 to 2017, the Representative instructed the customer to write personal checks to the Representative and that the Representative misled the customer to believe that this money was deposited, on the customer’s behalf, into a trust account with the Firm. The Firm has no record of this account. The customer alleges the Representative wrongfully took her money.” The case was settled for $4,061,288.21. The complaint was regarding private securities, and it took place while he was registered with Northwestern Mutual Investment Services, LLC.
September 2023. “Customers allege that in 2017 and 2018, they gave money to the Representative and that the representative misled them to believe that this money was used to invest on their behalf in a Certificate of Deposit. The Firm has no record of this transaction.” The case was settled for $915,079. The complaint was regarding private securities, and it took place while he was registered with Northwestern Mutual Investment Services, LLC.
August 2023. “Customers allege that in December 2017 they gave money to the Representative and that the Representative misled them to believe that this money was used to invest on their behalf in a fixed income account, The Firm has no record of this transaction.” The case was settled for $479,110. The complaint was regarding private securities, and it took place while he was registered with Northwestern Mutual Investment Services, LLC.
August 2023. “Customer alleges that in 2007 and 2008, they gave money to the Representative and that the Representative misled them to believe that this money was used to invest on their behalf in a fixed annuity. The Firm has no record of this transaction.” The case was settled for $660,593. The complaint was regarding private securities, and it took place while he was registered with Northwestern Mutual Investment Services, LLC.
May 2023. “Customer alleges that in December 2017 the customer gave money to the Representative and that the Representative misled the customer to believe that this money was used to invest on the customer’s behalf in an investment account. The Firm has no record of this transaction.” The case was settled for $127,323.68. The complaint was regarding private securities, and it took place while he was registered with Northwestern Mutual Investment Services, LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Northwestern Mutual Investment Services, LLC may be liable for investment or other losses suffered by John Kersey’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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