According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joshua Jenkins (Jenkins), previously associated with Northwestern Mutual Investment Services, LLC, has at least 7 disclosable events. These events include 7 customer complaints, alleging that Jenkins recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $20,832.00 on December 10, 2024.
The customer alleges that in or around April 2022, the Representative made misrepresentations in the sale of a variable life insurance policy including that it was an investment account, that ongoing premium payments were not required after the first year, and that there were no surrender charges associated with the policy. The customer alleges the Representative’s recommendation was motivated by commissions and fees, rather than the customer’s needs.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $30,153.00 on March 07, 2024.
Customers allege that in or around April 2022, the Representative advised them to pull money out of the stock market to purchase unsuitable life insurance policies, including a variable life insurance policy, and that the Representative misrepresented the liquidity of policy premiums paid. Additionally, customers allege that the Representative did not inform them that a withdrawal from a policy was a loan and they never agreed to a loan.
FINRA BrokerCheck shows a settled customer complaint on January 09, 2024.
[REDACTED] alleged that in or around December 2022, the Representative recommended the customers rollover funds into Northwestern Mutual brokerage and investment advisory accounts and that the Representative made assurances that he would do tax loss harvesting in 2023 to reduce their capital gains taxes. Customers allege that the Representative failed to so, resulting in a high tax amount due.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $40,000.00 on December 07, 2023.
[REDACTED] allege that in or around April 2022, the Representative sold them variable life insurance policies as bank accounts and that ongoing premium payments were not necessary.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $150,000.00 on December 01, 2023.
[REDACTED] and [REDACTED] allege that in or around April 2022, the Representative breached his fiduciary duty by recommending the unnecessary purchase of life insurance, including a variable life insurance policy, as a tax-free savings and investment vehicle as part of an overall retirement investment plan. Customers allege the Representative’s recommendations were motivated by commissions and fees rather than their needs
FINRA BrokerCheck shows a settled customer complaint with a damage request of $23,606.00 on May 17, 2023.
[REDACTED] and [REDACTED] allege that in or around March 2022, the Representative failed to act in their best interests when he recommended they purchase two variable universal life insurance policies that are not suitable for their needs and goals because the premiums paid are not liquid. Customers seek refund of the financial planning fee paid to the Representative for his services and of the premiums paid for the policies
FINRA BrokerCheck shows a settled customer complaint with a damage request of $72,919.46 on March 09, 2023.
[REDACTED] and [REDACTED] alleging two variable life insurance policies were not fully explained and are not suitable for them. Customers are requesting a refund of premiums paid.
Under the securities laws brokers are obligated to act in their clients’ best interests and provide only suitable recommendations for investments to the client. In addition, the SEC has promulgated ‘Regulation Best Interest (Reg BI)‘ which according to the SEC enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.
Brokers have an obligation to first obtain and evaluate sufficient information about a retail investor to form a reasonable basis to believe the account recommendations are in the retail investor’s best interest. Recommendations cannot be based on materially inaccurate or incomplete information. Every recommendation’s cost and investor details are always part of material information. Types of costs that must be considered including account fees, commissions and transaction costs, tax considerations, as well as indirect costs.
In addition to obligation to understand the customer the broker must also investigate the product being sold. FINRA firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings. A brokerage firm has a special relationship with a customer from the fact that in recommending the security, the broker represents to the customer that a reasonable investigation has been made. So, a brokerage firm should not depend solely on information from the issuer regarding a company, but must perform its own thorough investigation.
Another protective measure for investors is the requirement for brokers to disclose. Brokers are required by FINRA to reveal the events such as customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters on their public BrokerCheck reports. FINRA has recognized that recent studies offer evidence showing that brokers with a past record of regulatory and customer complaint issues are more likely to have such issues in the future. FINRA’s Office of the Chief Economist (OCE) published a study showing the predictability of disciplinary and disclosure events based on past similar events. The OCE study showed that past disclosure events, including regulatory actions, customer arbitrations and litigations of brokers, have significant power to predict future investor harm. The data shows that where a member firm on-boards brokers with a significant history of misconduct there is a high likelihood that the broker will continue to engage in similar behavior.
Jenkins entered the securities industry in 2013. Jenkins has been registered as a Broker with Northwestern Mutual Investment Services, LLC since 2013.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.