JOHN JAY KERSEY Formerly of NORTHWESTERN MUTUAL

Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:

NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC. (Respondent)

The Claimant brings this lawsuit as a result of the Respondent and its former Financial Advisor, John Jay Kersey’s, alleged misconduct. According to FINRA’s BrokerCheck, NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC of Cincinnati, Ohio permitted John Jay Kersey to resign in May of 2023, and he was recently barred from the industry by FINRA.  The Claimant is a long-time investor with the Respondent. The lawsuit claims that as part of his overall investment strategy, the Claimant maintained a whole life insurance policy for approximately 40 years. The cash value was approximately $1,700,000, and would have provided life insurance of $3,000,000 for the rest of the Claimant’s life.

In 2022, the John Jay Kersey allegedly solicited a 1035 exchange of the investment and recommended that the Claimant switch to a variable investment that would provide $5,000,000 in protection. The lawsuit alleges that the Claimant was told that the insurance was until age 85 depending on the stock market, but it is only until age 81. The Claimant has since been diagnosed with cancer. The lawsuit claims that the recommendation was unsuitable.

According to the lawsuit, the Claimant contacted the Respondent in an attempt to resolve this issue but was allegedly told that the Respondent was not responsible for the Financial Advisor’s outside recommendations for this Protective Life investment. The lawsuit alleges that the Respondent has failed to adequately supervise the activities of its now barred former representative, John Jay Kersey.

The lawsuit alleges the Respondent’s actions in this case constitute a breach of fiduciary duty, negligence, failure to supervise, and selling away. The Claimant is requesting judgment against the Respondent for compensatory damages in the amount of $1,700,000.00, plus interest, costs, disgorgement of commissions, and punitive damages.

According to FINRA’s BrokerCheck, available on FINRA’s website, JOHN JAY KERSEY (J KERSEY, JOHN KERSEY) had been in the securities industry for 37 years and was listed with 10 firms. Kersey was barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm with a start date of 2/13/2024 following the allegations, “Respondent Kersey failed to respond to FINRA requests for information.”

According to BrokerCheck, JOHN JAY KERSEY has 13 disclosures on his FINRA CRD report, of which 10 are “Customer Disputes.” Two disputes are pending and 8 have settled. Several of these disputes allege the client writing personal checks to the “Representative and that the Representative misled them to believe that this money was used to invest on their behalf in a guaranteed investment account.”  Two of the settlement amounts were, $3,226,049.00 and $4,061,288.21.

JOHN JAY KERSEY was listed with NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC of Cincinnati, Ohio from 06/08/2001 - 06/23/2023. Kersey is not named in this lawsuit.

If you or an elderly loved one experienced investment losses due to the actions or recommendations of NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC and/or their former registered representative, JOHN JAY KERSEY, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.