Former Financial Advisor Joseph Cannon Barred by FINRA

• April 16, 2025
• Northwestern Mutual Investment Services, LLC

Joseph Michael Cannon (CRD#: 6341199) was a previously registered broker.

Broker’s History

He entered the securities industry in 2016 and previously worked for Northwestern Mutual Investments Services, LLC.

Allegations of Misconduct

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2025, without admitting or denying the findings, Cannon consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation of transactions in his personal bank accounts that were referenced in a Form U5 filed for him by his member firm. The findings stated that Cannon’s firm permitted him to resign while under internal review for a series of questionable transactions associated with both his personal bank accounts and client investment accounts.

As a result, Respondent also consents to the imposition of the following sanctions:

• a bar from associating with any FINRA member in all capacities.

For a copy of the FINRA disciplinary action details, click here.

In addition, Joseph Cannon has been the subject of two other FINRA disclosures:

• November 2024—“ Customers allege multiple unauthorized transfers from their accounts were made by Joseph Cannon, who was a representative on their accounts.” The damage amount requested is $2,360,400.00 and the customer dispute is still pending.
• August 2024—Permitted to Resign from Northwestern Mutual Investment Services, LLC, “The Registered Representative 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.”

For a copy of Joseph Cannon’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

FINRA Rule 2150 specifically addresses theft and conversion in a customer account, stating “no member or person associated with a member shall make improper use of a customer’s securities or funds.”  This rule includes any “guarantee” that brokers make to customers in relation to losses incurred in a brokerage account.

 

In addition, FINRA Rule 3240 strictly prohibits a financial advisor from borrowing money from a client absent from unique circumstances, such as a familial relationship between the Financial Advisor and the client.  There is also an exception if the client is a financial institution regularly engaged in the business of lending.  The reason for this prohibition is clear—borrowing money from clients creates an immediate conflict of interest and can potentially lead to theft or conversion of client assets.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.