Michael Gerard Gravelyn (also known as Mike Gravelyn), of Grand Rapids, Michigan, a stockbroker registered with Northwestern Mutual Investment Services, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Gravelyn failed to provide information and documents requested by FINRA. Letter of Acceptance, Waiver, and Consent No. 2023078749801 (May 2, 2024).
On May 11, 2023, Northwestern Mutual filed a Uniform Termination Notice for Securities Industry Registration (Form U5) disclosing that Gravelyn had been permitted to resign after a review of his business practices. Allegedly, Gravelyn violated company policy.
According to FINRA, on February 15, 2024, FINRA requested Gravelyn to produce documents and information in connection with an investigation into the circumstances giving rise to his resignation from Northwestern Mutual. Gravelyn did not respond to this request, and FINRA sent a second letter on March 22, 2024, requesting the same information and documents. Gravelyn’s lawyer informed FINRA that Gravelyn would not produce the requested information or documents.
According to Northwestern Mutual Investment Services, the “Representative was permitted to resign after the Firm discovered the representative had processed multiple client bank account drafts without client authorization, thereby creating the appearance that he was manipulating non-variable life insurance premium payments to prevent policy lapses and commission reversals, and that he had provided dishonest responses to questions regarding the bank account draft authorizations. After the representative’s termination, three written complaints were received alleging that signatures had been affixed to non-variable life insurance documents without the customers’ knowledge or consent.”
Therefore, Gravelyn violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure shows that Gravelyn is referenced in twelve customer initiated investment related disputes concerning Gravelyn’s conduct while associated with securities broker dealers. On June 7, 2023, a customer initiated investment related complaint involving Gravelyn’s conduct was settled to resolve allegations that Gravelyn made omissions of material fact in connection with the sale of life insurance products during the time that Gravelyn was associated with Northwestern Mutual Investment Services LLC.
Gravelyn is also referenced in a customer initiated investment related complaint filed on June 13, 2023, in which the customer requested compensatory damages based upon allegations that Gravelyn failed to follow the customer’s instructions. On August 16, 2023, a different customer initiated investment related complaint involving Gravelyn’s conduct was settled to resolve alleged sales practice violations.
Gravelyn was also referenced in a customer complaint that was settled on November 30, 2023, to resolve allegations that Gravelyn failed to follow instructions in connection with the sale of life insurance products at Northwestern Mutual Investment Services LLC.
On November 21, 2023, an additional customer filed an investment related complaint involving Gravelyn’s conduct in which the customer requested $16,000.00 in damages based upon allegations that Gravelyn made omissions of material fact about life insurance products.
Gravelyn was also referenced in a customer complaint that was settled on January 11, 2024, for $8,431.55 in damages resulting from the sale of life insurance products by Gravelyn. The customer alleged that they did not sign the application.
Gravelyn was associated with Northwestern Mutual Investment Services LLC in Grand Rapids, Michigan from May 25, 2017, to June 14, 2017, and from September 7, 2017, to May 11, 2023.
