Manish Hemant Shah, of Princeton, New Jersey, a stockbroker registered with Northwestern Mutual Investment Services LLC, is the subject of a customer initiated investment related complaint on May 3, 2019 in which the customer requested $145,865.95 in damages based upon allegations that Shah made misrepresentations, defrauded the customer, and converted the customer’s funds in connection with the recommendation and sale of investments when Shah was associated with Northwestern Mutual Investment Services LLC.
This is not the first time that Shah has been referenced in a customer initiated investment related dispute concerning Shah’s conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Shah is also referenced in a customer initiated investment related complaint on June 28, 2019 in which the customer requested $25,000.00 in damages based upon allegations that Shah committed sales practice violations with regard to the recommendation and sale of investments when Shah was associated with Northwestern Mutual Investment Services LLC.
FINRA Public Disclosure shows that Shah has also been barred by the New Jersey Bureau of Securities based upon allegations that Shah engaged in dishonest or unethical business practices. (New Jersey Bureau of Securities, Apr. 12, 2021).
This is not the first time that Shah has been the subject of a regulatory action concerning his conduct in the securities industry. Shah has been fined $15,000.00 and suspended from associating with any FINRA member in any capacity for twenty months based upon allegations that Shah borrowed customer funds. Case No. 2019062305901 (Jan. 29, 2021).
According to the AWC, in July 2016, during the time that he was associated with Northwestern Mutual Investment Services LLC, Shah borrowed $57,000.00 from a brokerage customer. Specifically, Shah reported to the customer that the money was intended to buy another representative’s book of business, but, in reality, the funds were spent on Shah’s personal expenses. Shah did not repay the money according to the repayment schedule. Additionally, during the period of September 2018 to March 2019, Shah misled Northwestern during an investigation into Shah borrowing $200,000.00 from an insurance customer and providing false information to a client representative. Specifically, during an internal review, Shah admitted to borrowing the funds, but he told the firm in March 2019 that he had not borrowed money from any other clients, which was false. Shah violated FINRA Rules 2010 and 3240.
Manish Shah was associated with Northwestern Mutual Investment Services LLC in Princeton, NJ, as a stockbroker from September 22, 2003 to April 12, 2019. Northwestern Mutual Investment Services LLC discharged Shah based upon allegations that Shah borrowed customer funds.
