Soreide Law Group shares BrokerCheck news on securities broker Jeffrey Scott Anderson (CRD#: 5993214, Bloomington, Illinois). Notably, Anderson was a securities broker at NYLife Securities LLC during the time of the allegations against him. Take a closer look at the allegations below. However, be mindful that he denies committing any sales practice violations.
Evidently, the financial industry watchdog issued Jeffrey Anderson a permanent bar as securities broker in August 2021. This resolves allegations that he “converted and misused” money from an elderly client. Supposedly, Anderson received checks from the client for investment or insurance purposes. However, the securities broker did not use the client’s money for its intended purpose. Specifically, FINRA alleges that he put the client’s money into his own account for personal expenses and payments. Anderson, who denies the allegations, accepted the sanctions.
It also appears that Illinois revoked Anderson’s salesperson registration in January 2022. The state based its revocation of his registration on the FINRA sanctions leveled against him.
Notably, in 2021, a client of NYLife Securities LLC complained about Jeffrey Anderson’s sales practices. The investor alleges omissions regarding the risks and liquidity of annuities. Also, the investor alleges inaccurate statements regarding both the interest rate of a fixed annuity and the value of a variable annuity. Supposedly, Anderson’s actions led to damages. It seems that the client accepted $4,319 in damages from the securities firm in a settlement.
Particularly, a client objected to Jeffrey Anderson’s actions while working for NYLife Securities LLC, as the client brought an investment dispute in August 2020. Notably, the client contends that the securities broker misled them and their wife about insurance policies and annuities. Supposedly, the client believed that they would save money by making policy purchases through Anderson and NYLife Securities LLC. Instead, the client supposedly incurred increased costs. Not only that, but they were allegedly uninformed about a variable annuity used to make premium payments. Because of this, without admitting liability, the securities firm compensated the client in the amount of $26,875 in November 2020 to resolve this issue.
Specifically, an NYLife Securities LLC client expressed concerns about Jeffrey Anderson’s sales practices, as BrokerCheck shows that the client lodged an investment dispute in July 2020. It appears that Anderson or his employer caused damages to the client through their switch from a variable to a fixed annuity. Supposedly, Anderson caused the client to pay significant surrender charges by making this transfer. Evidently, to settle this matter without admitting liability, the securities firm agreed to compensate the client in the amount of $21,251 in October 2020.
It appears that an NYLife Securities LLC client took issue with Jeffrey Anderson’s activities, per an investment dispute in June 2018. Supposedly, the client sustained damages because of an unauthorized transfer. Supposedly, an annuity was improperly funded through a rollover from a client’s account at another firm. Notably, the client agreed to settle their allegations with NYLife Securities LLC for $6,308 in damages according to a resolution in June 2018.
Did you suffer losses because of securities broker Jeffrey Anderson? You should touch base with Soreide Law Group at (888) 760-6552 to talk with a helpful securities attorney about a possible recovery of your losses. Soreide Law Group pursues investor dispute cases on a contingency fee basis and advances all costs. The firm has recovered significant compensation for a lot of US investors that have incurred losses from financial advisors and securities brokers. Please note that Anderson denies the allegations of improper sales practices.
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