Securities Regulators Bar Joseph Cannon after Investigation
According to public records on March 19th, 2025, Joseph Cannon (CRD#: 6341199) was reportedly barred by FINRA, the securities regulator, from working as a broker.
Cannon was reportedly registered with FINRA from April 2016 to September 2024 as an Investment Company and Variable Contracts Products Representative through an association with Northwestern Mutual Investment Services, LLC (Northwestern).
On September 11, 2024, Northwestern reportedly dismissed Cannon in a Form U5 Termination Notice stating that Cannon “was permitted to resign while under internal review for a series of questionable transactions associated with both his personal bank accounts and client investment accounts.”
According to FINRA, Cannon reportedly refused to appear for on-the-record testimony in response to a FINRA Rule 8210 request on January 24, 2025. Therefore, Cannon violated FINRA Rules 8210 and 2010. For that violation, Cannon is barred in all capacities.
Customer Complaints
The investigation reportedly stemmed from customers alleging multiple unauthorized transfers from their accounts were made by Joseph Cannon, who was a representative on their accounts.
Joseph Cannon was reportedly registered with Northwestern Mutual Investment Services in Chicago, Illinois from 04/16/2016 – 09/11/2024, according to his FINRA BrokerCheck report.
Broker Misconduct and Failure to Supervise
Broker misconduct occurs when financial advisors engage in unethical or fraudulent practices, such as misrepresenting investments, unauthorized trading, or misusing client funds. FINRA-registered broker-dealers have a duty to supervise their brokers to prevent such misconduct.
If the firm fails to supervise its brokers properly, it can be held liable through FINRA arbitration. Investors who suffer losses due to a broker’s misconduct can file a claim against both the broker and the firm, alleging failure to supervise. If a firm neglects this duty, it may be ordered to compensate the affected investor through an arbitration award.
Class Action Lawsuit vs. Individual FINRA Arbitration Lawsuit
You may wonder whether a large class action lawsuit is a better litigation option than an individual FINRA arbitration case. The answer depends on many factors, but typically if the loss sustained is large (say larger than $100,000), an individual arbitration claim is likely a better option. Class actions as a recovery option are more appropriate for grouping large numbers of individuals who have small claims – too small to generally pursue individually.
File a FINRA Complaint
If you have suffered investment losses with Joseph Cannon and Northwestern Mutual Investment Services, the securities attorneys at the White Law Group may be able to help you by filing a FINRA lawsuit. Please call our offices at (888) 637-5510 for a free consultation. We take cases in all 50 states and have offices in Chicago, Illinois and Seattle, Washington.
National Securities Attorneys
The White Law Group, LLC is a national law firm in securities fraud, securities arbitration, investor protection, and securities regulation and compliance. With offices in Chicago, Illinois and Seattle, Washington, the firm is dedicated to assisting investors across all 50 states with claims against their brokerage firms. Since its founding in 2010, The White Law Group has handled over 800 FINRA arbitration cases.
Last modified: March 20, 2025
