John Jay Kersey, of Cincinnati, Ohio, a stockbroker registered with Northwestern Mutual Investment Services LLC, is the subject of a customer initiated investment related complaint filed on September 19, 2023, in which the customer requested compensatory damages based upon allegations that Kersey instructed the customer to write personal checks to him and misled the customer into believing that this money was deposited on the customer’s behalf into a trust account with the securities broker dealer. Northwestern Mutual Investment Services LLC allegedly had no record of this account. The customer alleges that Kersey wrongfully took her money in connection with the sale of private securities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Kersey is referenced in three other customer initiated investment related disputes concerning his conduct while he was associated with securities broker dealers. On September 8, 2023, a customer initiated investment related complaint involving Kersey’s conduct was settled for $479,110.00 in damages based upon allegations that Kersey misled the customers into believing their money was used to invest on their behalf in a fixed income account. Northwestern Mutual Investment Services LLC allegedly did not maintain any record of this transaction.
On September 11, 2023, a different customer initiated investment related complaint involving Kersey’s conduct was settled for $915,079.00 in damages based upon allegations that Kersey misled customers about investments in certificates of deposit.
Kersey was also the subject of a customer dispute which was settled on September 18, 2023, for $660,593.00 in damages. The customer alleged that in 2007 and 2008, they had given money to Kersey under the impression that it would be invested in a fixed annuity. However, Northwestern Mutual Investment Services LLC reported that it found no record of this transaction.
On May 24, 2023, Northwestern Mutual Investment Services LLC permitted Kersey to resign in the wake of allegations against him. Kersey was under internal review due to concerns that he had taken money from a customer and generated false account documents, which inaccurately overstated the investment account values within the firm. Kersey purportedly admitted to diverting the customer’s money into an account outside of Northwestern Mutual Investment Services LLC.
Kersey was associated with Northwestern Mutual Investment Services LLC in Cincinnati, Ohio, from June 8, 2001, to June 23, 2023, as both an investment adviser representative and a stockbroker.
