Former LPL Financial Broker from Salt Lake City, Tom Andrews, Charged with Misappropriation of Over $8 Million in 23 Clients' Funds

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THOMAS EDWARD ANDREWS (TOM ANDREWS) CRD#: 4587953, a broker formerly with LPL Financial in Salt Lake City, Utah, has been charged with defrauding 23 investors by the SEC.  Andrews is currently in federal prison. Included in these charges are Andrews’ former assistant, Scott Christensen, who also is in prison.
The latest complaint filed by the SEC alleges that from 2010 – 2015 Tom Andrews defrauded investors through convincing them to liquidate their investments and put the money into the “Jackson Trust’ and the “Lincoln.”  Andrews promised the investors high returns, but these so-called investments were, according to the SEC, allegedly fictitious and Tom Andrews used the investors’ money for his own personal uses.
The complaint alleges that Tom Andrews misappropriated $8,384,253 from investors and paid his assistant, Scott Christensen, $1 million.
In December 0f 2016, Tom Andrews pled guilty to securities and mail fraud and was sentenced to 97 months in prison.  He was ordered to pay $8,384,253 in restitution.  In July of 2016, Scott Christensen pled guilty to securities fraud and making a false statement to a federal agent and was sentenced to 12 months and one day in prison.  Christensen was ordered to pay $1 million in restitution.
FINRA has barred Tom Andrews from acting as a broker or otherwise associating with firms that sell securities to the public. According to FINRA’s BrokerCheck, Tom Andrews has 6 disclosures on his report, 3 of which are pending ‘customer disputes.’  Andrews had 10 years of experience in the securities industry and was listed with only 1 firm:
09/05/2005 - 10/08/2015  LPL FINANCIAL LLC - SALT LAKE CITY, UT
If you were one of the many victims of the former LPL FINANCIAL broker, Tom Andrews of Salt Lake City, Utah, and you suffered financial losses due to his lack of supervision, actions, or recommendations, call Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investments at:  888-760-6552.
Soreide Law Group operates on a contingency fee basis and we represent our clients nationwide before FINRA.