Cody Keller Barred by FINRA After Failing to Cooperate With Regulatory Investigation

Financial professionals are expected to follow strict rules when it comes to transparency, disclosure and regulatory cooperation. When those standards are ignored, both investor trust and market integrity are at risk.

Cody Michael Keller (CRD #6669454), a former broker based in Harrisburg, Pennsylvania, was permanently barred by the Financial Industry Regulatory Authority (FINRA) in March 2025. Keller failed to provide information and documents requested during an investigation tied to two separate Form U5 filings submitted by his former employers. (FINRA Case #2023079675401)

Sonn Law Group is currently reviewing Keller’s conduct and is offering free, confidential consultations to investors who may have been affected.

FINRA Investigation Reveals Pattern of Noncompliance

As outlined in the Letter of Acceptance, Waiver and Consent (AWC) issued on March 19, 2025, Keller was permanently barred from associating with any FINRA member after refusing to cooperate with FINRA’s investigation. The inquiry focused on the circumstances surrounding two different Form U5s filed by firms Keller was affiliated with.

One of those firms permitted Keller to resign after discovering several serious concerns:

• He made a personal payment to a customer from his own bank account, a move that appeared designed to avoid the filing of a formal complaint.
• He was involved in an outside business activity (OBA) that was neither disclosed to nor approved by the firm.
• When questioned about these actions, Keller failed to provide factual or complete responses.

A second firm later discharged Keller after it was revealed that he failed to disclose a prior regulatory action by the Pennsylvania Department of Insurance on his Uniform Application for Securities Industry Registration or Transfer (Form U4), a violation of registration disclosure requirements.

Keller’s Licensing and Professional Timeline

Keller began his brokerage career with Northwestern Mutual Investment Services, where he was registered from March 2017 until August 2023. He then joined MML Investors Services, maintaining registration there from August 2023 until October 2024. As of now, Keller is not registered with any FINRA member firm.

Throughout his time in the industry, Keller passed several key qualification exams, including the Series 6, Series 7, Series 63, Series 65 and the Securities Industry Essentials (SIE) exam. In addition to his securities work, he was involved in an outside business activity related to insurance production, operating under a sole proprietorship. This outside activity later became one of the key issues cited during the regulatory investigation.

Related Regulatory and Customer Issues

Keller’s professional record includes additional concerns beyond the FINRA bar. In 2024, the Pennsylvania Insurance Department issued a cease and desist order and imposed a $1,000 fine against Keller for misleading advertising related to Roth IRAs. The regulatory action cited violations tied to how the retirement products were promoted to consumers.

Separately, in 2023, a customer filed a complaint alleging that a variable life insurance policy sold by Keller was a “scam.” The complaint was ultimately denied and closed with no action taken, but it adds to the broader pattern of client dissatisfaction and regulatory scrutiny tied to his conduct.

Why These Issues Matter

When financial professionals fail to follow industry rules, it undermines the regulatory safeguards designed to protect investors. One of the core requirements for licensed advisors is full transparency in regulatory filings, particularly Form U4 (used to register with firms) and Form U5 (used when employment ends). Omissions or inaccuracies in these forms can conceal past misconduct or active investigations, leaving future clients unaware of potential red flags.

Advisors are also required under FINRA Rule 3270 to disclose and obtain firm approval for any OBAs, especially those that may create conflicts of interest. Undisclosed OBAs can allow brokers to operate outside the supervision of their firm, increasing the risk that clients are exposed to unsuitable or unregulated financial products.

Equally concerning is the practice of privately reimbursing clients to avoid formal complaints. While this may appear to be a goodwill gesture, it can be used to silence dissatisfied customers, bypass compliance procedures and hide potentially unlawful activity from regulators.

Red Flags for Investors

While not every unusual interaction signals misconduct, certain patterns may suggest a broker is operating outside industry rules. Be on the lookout for the following warning signs:

• You were reimbursed for fees or losses directly by your advisor instead of through the firm’s official channels.
• Your advisor promoted outside services or products unrelated to their firm, such as insurance or retirement strategies.
• You received vague, evasive or inconsistent answers when asking about account activity or firm procedures.
• You were asked to sign incomplete forms or saw paperwork with missing disclosures or conflicting information.
• Your advisor suddenly left their firm or is now facing regulatory action.

If any of these apply to your situation, it may be time to speak with a securities attorney about your legal options.

Get Trusted Help From Sonn Law Group

If you worked with Cody Michael Keller at MML Investors Services or Northwestern Mutual and suspect irregularities, it’s essential to have your situation reviewed. These actions may point to broader compliance failures that could entitle you to financial recovery.

Sonn Law Group represents investors across the U.S. in cases involving financial advisor misconduct, regulatory violations and failure to supervise. We advocate for individuals, families, trusts and institutions, and we operate on a contingency fee basis, so you won’t pay anything unless we recover compensation for you.

To schedule a free, confidential consultation, call us at 833-912-3000 or complete our online contact form.