JAMES W. ANDERSON, Oklahoma Broker, Fined and Suspended for Supervisory Failures

The Soreide Law Group, (888) 760-6552, recently obtained the following information from FINRA's website under “Disciplinary and Other FINRA Actions, March 2016.”

JAMES W. ANDERSON (CRD #1060765, Anthem, Arizona) Alternate Names: JIM ANDERSON

was assessed a deferred fine of $15,000 and suspended by FINRA for 15 months for allegedly failing to appropriately supervise the sales practices of a registered representative who engaged in unsuitable trading in the brokerage and advisory accounts of his clients, by inappropriately concentrating his clients’ accounts in low-priced securities.

FINRA's findings stated that JAMES W. ANDERSON had supervisory and compliance responsibilities with respect to the registered representative and Anderson’s member firm’s branch office where the representative was located. Anderson was aware of red flags indicating that the representative was engaged in unsuitable trading with respect to low-priced securities.

According to FINRA, JAMES W. ANDERSON failed to follow up appropriately on information that he learned about the representative’s sale practices during a meeting with the representative’s direct supervisor. Anderson was instructed to conduct an audit of the representative’s branch office but Anderson did not review the advisory activity of representatives in this branch office, including the representative, and did not review trading in low-priced securities or suitability of transactions recommended or executed in the branch office.

Anderson drafted a heightened supervision plan and forwarded the plan to the firm’s compliance department, but allegedly, he did not take any further steps to ensure that it was implemented.

Anderson’s supervisory failure facilitated the representative’s ongoing sales practice violations, which continued over an 18-month period at the firm.

The suspension is in effect from February 1, 2016, through April 30, 2017.

(FINRA Case#2015045755001)

JAMES W. ANDERSON was registered in the securities industry for 29 years, and some of the firms he was registered with were:

08/2009 - 01/2014 WFG INVESTMENTS, INC. - OKLAHOMA CITY, OK

12/2003 - 07/2009 ADVISORS CLEARING NETWORK, INC. - PASADENA, CA

07/2003 - 12/2008 WFG INVESTMENTS, INC. - DALLAS, TX

10/2000 - 03/2003 BLUE MARBLE FINANCIAL, LLC - IRVING, TX

Soreide Law Group represents clients nationwide. If you've suffered investment losses due to your broker or financial advisor's recommendations, call Soreide Law Group for a free consultation with an attorney: 888-760-6552.

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