Did you lose money investing with former Northwestern Mutual Investment Services, LLC broker Andrew Dougherty (CRD# 6348064)? He was registered with Voya Financial Advisors, Inc. in Sioux City, Iowa, from June to September 2020, Northwestern Mutual Investment Services, LLC in W Des Moines, Iowa, from 2016 to 2019, and Northwestern Mutual Investment Services, LLC in Des Moines, Iowa, from 2015 to 2016.
In January 2021, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and suspended him for six months after he “consented to the sanctions and to the entry of findings that he altered a mutual fund switch disclosure form after it had been signed by his member firm customer.” The FINRA findings stated that he did so by “adding the potential disadvantages associated with a completed mutual fund switch transaction and then writing the customer’s initials next to the changes. When Dougherty’s supervisor requested confirmation that the customer had reviewed and initialed the amended form, Dougherty contacted the customer and asked him to send an email confirming the changes. Dougherty then altered the email that he received from his customer so that it appeared to have been sent before he falsified the mutual fund switch disclosure form and submitted it to the firm for processing. The firm identified Dougherty’s falsifications when his customer called and complained later the same day.”
In March 2021, the state of Iowa barred him permanently after he was allegedly found to engage in dishonest or unethical practices in the securities business count, providing a materially false or misleading statement in conjunction with an application for securities registration, and using fraudulent, coercive, or dishonest practices or demonstrating incompetence or untrustworthiness.
In October 2022, the United States Securities and Exchange Commission (SEC) barred him permanently for his participation in the offering of a penny stock. The state of Iowa entered a final order against the broker and barred him from applying for registration in Iowa as an investment adviser, investment adviser representative or as a securities agent. He was ordered to mmediately cease-and-desist from engaging in the insurance business in Iowa and was ordered to pay a $1,000 penalty and $250 in costs for the investigation and prosecution. According to his BrokerCheck, he was barred for “engaging in fraudulent, dishonest, deceptive and unethical practices, including placing a customer’s initials on a financial disclosure form without authorization, altering a customer email to conceal the forgery, and providing inconsistent and materially false statements to the Iowa Insurance Division (“Division”) about his resulting for-cause termination from Northwestern. The Iowa Order also found that Dougherty had failed to notify the Division that his Nebraska non-resident producer license had been revoked due to his fraudulent conduct and, at the time that he originally applied for his Iowa insurance producer license, had lied about the existence of three prior misdemeanor convictions.”
Andrew Dougherty Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
June 2025. “Client alleges representative’s sales of insurance and advisory products was unsuitable and not aligned with client’s needs or goals.” The customer is seeking $306,830.24 in damages, and the case is currently pending. The complaint took place while he was registered with Northwestern Mutual Investment Services, LLC, and it was regarding insurance and advisory accounts.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Northwestern Mutual Investment Services, LLC may be liable for investment or other losses suffered by Andrew Dougherty’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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