Former Northwestern Mutual Investment Services, LLC Broker John Chrysadakis Barred by FINRA
Posted on Tuesday, March 3rd, 2020 at 10:17 am
Erez Law is currently investigating former Northwestern Mutual Investment Services, LLC broker John Chrysadakis (CRD# 5680661) who was recently barred by FINRA. Chrysadakis was registered with Northwestern Mutual Investment Services, LLC in Norwalk, Connecticut from 2010 to 2019, when he was terminated regarding, “The Registered Representative, who denied all allegations, was permitted to resign while under internal review for: (1) alleged fraudulent activity, including alleged forgery of non-variable insurance forms and alleged submission of unauthorized non-variable policy applications; and, (2) undisclosed financial liens and judgment.”
In January 2020, FINRA barred Chrysadakis after he, “consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA after his member firm’s submitted a Form U5 wherein it disclosed that he was permitted to resign while under internal review. The findings stated that the firm was reviewing Chrysadakis for alleged fraudulent activity, including alleged forgery of non-variable insurance forms and alleged submission of unauthorized non-variable policy applications, and for undisclosed financial liens and judgments. After his resignation from the firm, a customer filed a complaint against Chrysadakis in the Connecticut state court wherein the customer alleged that he converted approximately $100,000 from it when he served as its treasurer.”
Chrysadakis has been the subject of one customer complaint, according to his CRD report:
October 2018. “The clients allege that the signatures on six Term Conversion Express documents requesting conversion of their non-variable term insurance to whole life insurance, were not their signatures.” The customer sought $1,209.31 in damages and the case was settled for $4,837.40.
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 Chrysadakis’ customers.
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