Broker Manish Shah, Formerly of Northwestern Mutual, Barred from FINRA for Fraud

Barred from Finra for receiving customer loans and altering documents

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Former Northwestern Mutual Investment Services advisor Manish Shah (CRD#: 4652835) has been discharged by the firm for receiving customer loans and lying about it.

Shah has 15 years of industry experience, all with Northwestern Mutual Investment Services of Princeton, NJ.

According Shah’s FINRA BrokerCheck profile, there are three disclosures in his record.

Per the firm’s statement, Shah was discharged from Northwestern for allegedly borrowing money from a customer, and altering documents to make it appear that the customer was a beneficiary on Shah’s own (lapsed) life insurance policy.

Upon investigation, Shah allegedly hid potentially incriminating documentation when asked about the customers claim.

Shah’s FINRA records also state that in March 2019, a customer alleged that Shah had “induced her through false representations to lend him $200,000.”

She alleged damages of approximately $193,000. Northwestern settled with the client for $138,000, and paid her attorney fees of $7,700.

The firm is now seeking recovery from Shah in the amount of $145,865.

In October of 2005, an IRS tax lien was filed against Shah by the state of New York for approximately $45,000 in back taxes.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.