John Florio Subject of a Variable Life Insurance Policy Dispute

John Florio (CRD #: 5863873), a broker registered with Northwestern Mutual Investment Services, is the subject of an investor dispute, according to his BrokerCheck record, accessed on August 28, 2023. Keep reading if you have questions about this dispute. 

On June 8, 2023, an investor alleged that John Florio did not inform him regarding the back load surrender charge on his variable life insurance policy. (A “load” is a sales charge.) The dispute was denied, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

What is a Variable Life Insurance Policy? 

A Variable Universal Life insurance policy (VUL) has two notable features: a tax-free death benefit for beneficiaries and an investment portfolio. Part of each premium payment is invested—but returns depend on the performance of these investments, so the policy is not guaranteed to increase in value. Additionally, VULs are often at risk for lapsing, which negates their tax benefits.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. 

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes misrepresenting or omitting material information, such as an investment’s potential fees, risks, or limitations.

Background Information 

John Florio has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in nine states. 

John Florio has only ever registered with Northwestern Mutual Investment Services. 

Kurta Law Can Help

If you worked with John Florio and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.