7 Northwestern Mutual agents under state investigation
Apr. 5—Three Northwestern Mutual insurance agents in New Hampshire were permitted to resign after the state Insurance Department began investigations against the men, some dating back to 2021.
They join four current Northwestern Mutual agents also under state investigation who have been allowed to continue to sell insurance products from Northwestern.
The seven agents, mostly from a Manchester office, are named on the website of the Financial Industry Regulatory Authority (FINRA), a government-authorized, not-for-profit organization that oversees U.S. broker-dealers.
A Northwestern Mutual spokeswoman confirmed all seven are current or former registered representatives of Northwestern Mutual Investment Services LLC. and that three no longer work there.
A former associate from Northwestern Mutual's Manchester office said the issue of trust is important.
"People are extremely sensitive about their money and protecting their families," said the person who previously worked in Northwestern Mutual's Manchester office. "When you create distrust, it harms everybody (both clients and insurance agents)."
Last week, the New Hampshire Union Leader reported that state regulators were investigating four current Northwestern Mutual insurance brokers dating back to 2022, including two who either sent marketing emails with misleading statements or failed to supervise others who did.
Among those who voluntarily left last year was Corey Walker, according to FINRA.
The Insurance Department's investigation is reviewing Walker's "non-variable life insurance application practices and certain marketing emails representative sent to prospective clients," according to the database.
Allegations also were made regarding his "application practices and staff compensation practices," according to FINRA.
Walker now works at MML Investor Services LLC in Bedford. Walker didn't return a phone message left Wednesday.
The two others who resigned are no longer registered brokers, according to FINRA.
Craig Favara was permitted to resign last year "while under internal review for potential violation of the firm's policy prohibiting private securities transactions and sending unapproved marketing emails to prospective clients," according to FINRA.
Favara also was allowed to resign while the state Insurance Department was reviewing Favara for unapproved marketing emails to prospective clients.
Nicholas Giordano voluntarily resigned in 2021 while the New Hampshire Insurance Department was reviewing Giordano "for non-variable life insurance application taking practices and unapproved marketing emails to prospective clients," according to FINRA.
A spokesman for the state Insurance Department said state law prevented him from commenting.
Eric Forcier, deputy secretary with the New Hampshire Bureau of Securities Regulation, said Wednesday that there is "a pending investigation" with Northwestern Mutual. He said he couldn't comment further.
Others under investigation are Scott Christensen, Quinn Hogan, Stephen Graham, and Brian Belliveau and remain on the job as insurance agents of Northwestern Mutual and are registered representatives of Northwestern Mutual Investment Services LLC, according to Northwestern Mutual spokeswoman Julia Fennelly.
"Our commitment to compliant conduct remains: Northwestern Mutual takes matters of governance and compliance seriously, including our responsibility to state regulatory bodies," Fennelly said. "We do not comment on pending matters in order to allow the regulatory bodies to conclude their investigation and for the matter to come to resolution."
