Todd Leightey: Northwestern Advisor Suspended over Annuities

Upper Sandusky, Ohio financial advisor Todd Leightey (CRD# 4409118) was recently fined and suspended in connection with allegedly improper annuity sales. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Northwestern Mutual Investment Services.

A Letter of Acceptance, Waiver, and Consent (No. 2022075073501) describes FINRA’s disciplinary action against Mr. Leightey. Filed in April 2025, it states that he recommended variable annuities to certain customers without a reasonable basis to believe they were suitable. In one instance, according to FINRA, he recommended the purchase of a $100,000 variable annuity contract to a married couple with short-term liquidity needs and no need for the recommended annuity’s features. In another instance, he recommended a $6,000 variable annuity to a 33-year-old customer without considering the product’s long-term fee impact, surrender charges, or other less costly alternatives that were available. FINRA found that his recommendations violated its rules, including the requirement that brokers only recommend annuity purchases if they have a reasonable basis to believe the transactions are suitable. As a result, it issued him a four-month suspension and a fine of $5,000.

Mr. Leightey’s BrokerCheck report discloses one investor complaint. Filed in 2022, it alleges that as a representative of Northwestern Mutual Investment Services, he did not make the customer aware of surrender charges associated with a variable annuity product. The complaint reached a settlement of $6,000.

According to the Financial Industry Regulatory Authority, Todd Leightey holds 23 years of securities industry experience. Based in Upper Sandusky, Ohio, he has been registered as a broker and an investment advisor with Northwestern Mutual Investment Services since 2001 and 2006, respectively. He was previously registered with Edward Jones in St. Louis, Missouri in 2001. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, Colorado, Florida, Kentucky, Michigan, North Dakota, and Ohio. (Information current as of May 19, 2025.)

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