The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Joseph Michael Todd (also known as Michael Todd) [CRD: 1830390, Crystal River, Florida]. Not only has SEC taken action against Todd, but investors disputed Todd’s sales practices. However, Todd denies the allegations of sales practice violations. Read on to learn more about the allegations against Todd.
Particularly, on July 12, 2023, SEC initiated Case: 5:23-cv-00431 against Joseph Todd.
In the formal complaint filed by SEC against Joseph Todd, along with his affiliated companies Todd Financial Services, LLC (TFS) and TFS Insurance Services LLC, the defendants are accused of orchestrating a scheme, which led to the misappropriation of $3 million from a minimum of 20 clients affiliated with "Broker A." Charges against Todd, TFS, and TFS Insurance include violation of Section 17(a) of the Securities Act of 1933. Charges also include both Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 violations.
Broker A, known to be a dually registered broker-dealer and investment adviser, previously employed Todd as their registered representative. Todd purportedly had these Broker A clients issue checks in favor of either TFS, TFS Insurance, or directly to himself. Under the pretense that these funds would be wisely invested in a diverse range of securities, Todd allegedly managed to garner significant capital. Yet, instead of investing the funds as promised, SEC claimed that Todd merged these funds with others and used them for personal indulgences. Real estate purchases, boat and hunting expenses, casino ventures, and adult entertainment expenses were reportedly cited among his expenditures.
Todd is accused of furthering the scheme by continuously misrepresenting the actual use of these funds. These misrepresentations were allegedly made both in face-to-face meetings, over phone conversations, and via documents that were created and handed over to his clients.
Notably, on July 10, 2023, a Centaurus Financial Inc. client filed FINRA Arbitration: 23-01932 about Joseph Todd. Namely, the client alleged that Todd made misrepresentations. Because of this, the client allegedly sustained damages on REITS and corporate bonds. Therefore, the client requested $100,001 in compensation from Centaurus Financial Inc. or Todd. Evidently, this arbitration is pending a resolution.
Particularly, a client of Centaurus Financial Inc. contested Joseph Todd’s sales practices by filing FINRA Arbitration: 23-01851 on June 28, 2023. Allegedly, Todd engaged in unauthorized trading. It appears that Todd caused the client to sustain damages on stocks and real estate securities. Therefore, the client seeks compensatory relief from Centaurus Financial Inc. or Todd in the amount of $900,000 in this ongoing matter.
Specifically, a client of Centaurus Financial Inc. contested Joseph Todd’s sales practices by filing FINRA Arbitration: 23-01502 on May 22, 2023. Allegedly, Todd misappropriated funds. It appears that Todd caused the client to sustain damages. Therefore, the client seeks compensatory relief from Centaurus Financial Inc. or Todd in the amount of $152,400 in this ongoing matter.
Notably, on April 25, 2023, FINRA issued Case: Letter No. 22-01019 sanctioning Joseph Todd for infractions. Specifically, Todd was suspended. Notably, FINRA alleged that Todd failed to comply with an arbitration award or settlement agreement or otherwise confirm compliance with FINRA.
Also, a client of Centaurus Financial Inc. contested Joseph Todd’s sales practices by filing FINRA Arbitration: 22-01019. Allegedly, Todd made unsuitable recommendations, mismanaged investment accounts, converted funds. He purported breached a fiduciary duty and violated state securities laws. It appears that Todd caused the client to sustain damages on mortgage funds and illiquid investments. Therefore, FINRA Arbitrators issued an Award dated February 22, 2023, compelling Todd to pay the client in the amount of $60,000 in compensatory damages.
Joseph Todd worked for Centaurus Financial Inc. as a securities broker from August 2016 to July 2022.
Have you experienced losses because of Joseph Todd? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group, who has successfully recovered money for investors in all 50 states, works on a contingency fee basis and advances all costs. Todd and brokerage firms Todd worked for deny any and all allegations of sales practice violations.
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