Joshua Leon Jenkins of Mechanicsburg, Pennsylvania, a stockbroker registered with Northwestern Mutual Investment Services LLC, is the subject of a customer initiated investment related complaint filed on March 7, 2024, in which the customer requested $30,153.00 in damages based upon allegations that Jenkins made the unsuitable recommendation of life insurance products when Jenkins was associated with Northwestern Mutual Investment Services LLC. The customers alleged that in 2022, Jenkins told them to pull money out of the stock market to buy life insurance policies and misrepresented the liquidity of premiums paid on those policies. Additionally, the customers contended that they never agreed to a loan and Jenkins did not inform them that a withdrawal from a policy was a loan. This complaint was denied by the securities broker dealer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Jenkins is referenced in eight other customer initiated investment related disputes concerning Jenkins’s conduct while associated with securities broker dealers. On February 20, 2023, a customer initiated investment related complaint involving Jenkins’s conduct was settled for $30,000.00 in damages based upon allegations that Jenkins made faulty assurances regarding a variable universal life insurance policy and failed to properly explain fees associated with life insurance products during the time that Jenkins was associated with Northwestern Mutual Investment Services LLC.
On July 12, 2023, a customer initiated investment related complaint involving Jenkins’s conduct was settled for $18,606.00 in damages based upon allegations that Jenkins made unsuitable recommendations in variable life insurance products, given the lack of liquidity on premium payments.
Jenkins is also referenced in a customer complaint filed on November 30, 2023, in which the customer requested compensatory damages based upon allegations that Jenkins provided unsuitable advice and made omissions of material fact in connection with the sale of a Northwestern Mutual variable life insurance policy. This complaint was denied.
On December 1, 2023, another customer filed a complaint involving Jenkins’s conduct in which the customer requested $150,000.00 in damages based upon allegations that Jenkins breached his fiduciary duties by recommending life insurance, including a variable life insurance policy, as a tax-free savings vehicle for a retirement investment plan. The customer alleged that Jenkins’s recommendations were motivated by fees and commissions, not their needs.
On December 4, 2023, a customer complaint involving Jenkins’s conduct was settled for $75,000.00 in damages based upon allegations that Jenkins made omissions about variable life insurance policy terms and conditions. The complaint also alleged that Jenkins made unsuitable recommendations.
Jenkins is also referenced in a customer complaint filed on January 9, 2024, in which the customer requested compensatory damages based upon allegations that Jenkins inappropriately recommended the customers rollover funds into Northwestern Mutual investment advisory and brokerage accounts. Jenkins allegedly caused the customers to incur tax consequences on mutual funds transactions.
On December 7, 2023, a different customer initiated an investment related complaint involving Jenkins’s conduct. The matter was settled for $40,000.00 in damages based on allegations that Jenkins sold variable life insurance policies as bank accounts and stated that ongoing premium payments were unnecessary when Jenkins was associated with Northwestern Mutual Investment Services LLC.
Jenkins is also referenced in a complaint filed on February 13, 2024, in which the customer requested $40,000.00 in damages based on allegations that Jenkins made omissions about ongoing premium payments that were necessary for keeping an insurance policy in force. The customer further alleged that the policies were not suitable. The securities broker dealer denied this complaint.
Jenkins was associated with Northwestern Mutual Investment Services LLC in Mechanicsburg, Pennsylvania from January 28, 2013, to December 20, 2023.
