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Investor Complaint Against Edina Advisor Monica Sinha
Northwestern Mutual Investment Services advisor Monica Sinha (CRD# 3234116) recently received an investor complaint that settled for more than $200,000. Financial Industry Regulatory Authority records show that she is a broker and an investment advisor based in Edina, Minnesota, and that she has received several regulatory sanctions.
Ms. Sinha’s BrokerCheck report discloses one investor complaint. Filed in June 2022, it alleged that as a representative of Northwestern Mutual Investment Services, she recommended an unsuitable strategy in the customer’s advisory account. In September 2022 the complaint reached a settlement of $258,762.16.
In a statement on the complaint’s disclosure, Ms. Sinha defended herself against the allegations. “The Firm’s review found that the Representative properly informed the customer of the market risk associated with investing in an advisory account with the selected asset allocation and that the customer signed documents acknowledging his understanding of the investment strategy,” she wrote. “But based on the Firm’s determination that it was understood that a portion of the funds were likely to be used by the customer within one to two years, the Firm resolved the customer’s concerns by reimbursing the customer for market losses attributable to that portion of the funds and by reimbursing the customer for account fees.”
In February 2011 the Minnesota Department of Insurance sanctioned Ms. Sinha in connection with allegations she “did not deliver a non-variable insurance policy to a customer within the 40 day required by” state law. She was ordered to pay a fine of $250. In January 2012, the Massachusetts Division of Insurance sanctioned her in connection with allegations she failed to notify the division of another state administrative action within the required timeframe, ordering her to pay a fine of $250. A few months later, in May 2012, the New York State Department of Insurance issued a similar order finding that she failed to report the Minnesota sanction within 30 days, issuing her a fine of $500.
According to the Financial Industry Regulatory Authority, Monica Sinha holds 22 years of securities industry experience. Based in Edina, Minnesota, she has been a broker and an investment advisor with Northwestern Mutual since 2000 and 2013, respectively. She was previously registered with Robert W. Baird & Company in Milwaukee, Wisconsin from 2000 until 2002. Her credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. She holds 25 state licenses. (Information current as of October 16, 2022.)
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