FINRA Bars Broker Jeffrey Anderson after Allegations of Stealing from Elderly Client
According to the Financial Industry Regulatory Authority (FINRA) on August 2, the regulator has barred financial advisor Jeffrey Scott Anderson (CRD # 5993214) of Bloomington, IL, after allegations of stealing $26,600 from a customer.
FINRA reportedly said in a Letter of Acceptance Waiver and Consent that the matter came from a U5 filing by Anderson’s member firm that allegedly disclosed two customer complaints against him.
According to FINRA, from October through December 2019, Anderson purportedly persuaded an elderly NYLife customer to write five checks totaling $26,600 to him personally to purchase investments and insurance.
FINRA also reportedly stated that “Rather than using the funds to purchase investments or insurance, however, Anderson deposited the customer’s funds into his personal bank account and used the funds to pay for personal expenses, including household expenses, food, gas, and car payments.”
Anderson’s firm reportedly paid the customer $26,579.75 to reimburse her for the money taken from her. According to his broker record, Anderson has 5 complaints filed against him since 2018 and all were reportedly settled. Allegations include losses due to variable annuity switching, among others.
According to FINRA, Anderson was reportedly affiliated with the following firms during his career in the industry:
Anderson was reportedly permitted to resign from NYLife after the company’s review of his business practices “raised a number of concerns regarding the quality of his business, including repeat replacement and suitability concerns and undisclosed customer complaints.” He spent a short time with Pruco until he was purportedly discharged for the allegations of misappropriating a customer’s funds.
Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities claims involving Jeffrey Scott Anderson and the liability his employers may have for failure to properly supervise his activities.
When brokers abuse client accounts or conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Jeffrey Anderson, the attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against his former employers. For a free consultation, with a securities attorney please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.