Soreide Law Group is looking into possible investor claims on behalf of those who incurred losses through securities broker John Jay Kersey [CRD: 1480524, Cincinnati, Ohio]. Notably, Kersey worked for Northwestern Mutual Investment Services LLC from June 8, 2001, to June 23, 2023. Here’s more on the FINRA sanctions against Kersey and investor disputes involving the broker.
On November 10, 2023, the Financial Industry Regulatory Authority (FINRA) initiated a regulatory action against John Kersey, under Case No. 2023079099601. The action was based on allegations that Kersey failed to respond to FINRA's requests for information. As a result, FINRA issued a suspension, effective December 4, 2023. Notably, Kersey did not request termination of the suspension within three months of the Notice of Suspension. Therefore, the regulator barred him on February 13, 2024.
Notably, a client complaint was filed about John Kersey during his time at Northwestern Mutual Investment Services LLC. The complaint, received on October 5, 2023, alleged that in August 2018, Kersey misled the client into believing that their money was invested in an education fund and another account, which the firm had no record of. Evidently, the firm settled this matter on November 27, 2023, paying $97,116.68 to the client.
Also, a different client of Northwestern Mutual Investment Services LLC filed a complaint about John Kersey. This complaint, received on September 19, 2023, alleged that between 2012 and 2017, Kersey instructed the client to write personal checks to him, misleading the client to believe that the money was deposited into a trust account with the firm, which had no record of an account. The client alleged that Kersey wrongfully took her money for private securities. The firm settled this complaint on January 22, 2024, with a settlement amount of $4,061,288.21.
Specifically, a client filed a complaint about John Kersey. Specifically, the client alleged that Kersey misled them to believe that money given to him in 2007 and 2008 was invested on their behalf in a fixed annuity. However, the firm has no record of this transaction. Consequently, the client allegedly sustained damages on private securities. Therefore, on September 18, 2023, Northwestern Mutual Investment Services LLC settled this matter by paying the client $660,593 in damages.
Also, a client of Northwestern Mutual Investment Services LLC contested John Kersey’s sales practices, according to a complaint. Allegedly, Kersey misled the client into believing that their money was invested on their behalf in certificates of deposit. Therefore, Northwestern Mutual Investment Services LLC opted to settle the matter on September 11, 2023, by compensating the client in the amount of $915,079.
Moreover, a different client alleged that Kersey misled them in December 2017, suggesting that their money was used for investment in a fixed income account. As a result, the client allegedly incurred damages in private securities. Therefore, on September 8, 2023, Northwestern Mutual Investment Services LLC resolved this issue by paying the client $479,110 in damages.
Did you experience damages because of securities broker / financial advisor John Kersey? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Kersey and brokerage firms he worked for deny accusations of sales practice violations.
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