Todd Allen Leightey

The Financial Industry Regulatory Authority (FINRA) has suspended General Securities Representative Todd Allen Leightey for four months and fined him $5,000 for making unsuitable annuity recommendations and submitting inaccurate documentation concerning his clients’ investment needs.

According to FINRA, between October 2020 and March 2021, Leightey recommended variable annuities to three customers without a reasonable basis for believing the transactions were suitable. These included advising a senior couple to invest in a product that limited their liquidity despite short-term financial needs, and recommending a high-fee annuity to a 33-year-old whose existing IRA already offered tax-deferred growth. In both cases, the clients had no use for the annuitization or death benefit features being promoted.

FINRA found that Leightey overstated clients’ investment horizons and falsely reported that they sought annuity features they had no interest in. These misstatements caused his firm, Northwestern Mutual Investment Services, to maintain inaccurate records and approve transactions based on incorrect information.

By violating FINRA Rules 2330 and 4511, Leightey also violated FINRA Rule 2010, which requires registered representatives to uphold high standards of commercial honor.

If you invested with Todd Allen Leightey or were sold an annuity product you did not understand or need, you may be eligible to recover your losses. Contact ChapmanAlbin today. We represent investors nationwide in holding financial professionals accountable for misconduct and unsuitable investment recommendations.

Call (877) 410-8172 or visit www.chapmanalbin.com for a free consultation.