PHILLIP C ANDERSON Fined and Suspended by FINRA

PHILLIP CURTIS ANDERSON (PHILLIP C ANDERSON) was registered with KINGSWOOD CAPITAL PARTNERS LLC of Roseville, California, from 06/15/2018 - 06/30/2023.

According to the FINRA report, on 5/13/2025, PHILLIP C ANDERSON was fined $10,000.00, ordered to pay disgorgement of $8,280.00, and suspended in all capacities for five months by the Financial Industry Regulatory Authority (FINRA).

Without admitting or denying FINRA’s findings, PHILLIP C ANDERSON consented to the sanctions and to the entry of findings that he allegedly made recommendations to senior retail customers that were unsuitable based on the customers' investment profiles by recommending that they invest in speculative, unrated corporate bonds. Anderson earned a total of $8,280 in commissions in connection with these recommendations. A customer and a beneficiary of the other customer each brought and settled an arbitration against Anderson's member firm relating to the bond investments.

The FINRA Case summary stated that in March of 2019, PHILLIP C ANDERSON recommended that two senior retail customers invest in GWG L Bonds, which were speculative, unrated corporate bonds. Anderson's recommendations to Customers A and B resulted in at least 96% and 35% of their respective net worth, not including primary residence, being invested in GWG L Bonds. These recommendations were unsuitable based on the customers' investment profiles, and Anderson therefore violated FINRA Rules 2111 and 2010.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, PHILLIP C ANDERSON has 40 years of experience in the securities industry and was listed with 8 firms.  Anderson has 6 disclosures on his FINRA CRD report.  One is the “Regulatory” fining and suspending him from the industry, and 6 disclosures are “Customer Disputes.” The significance of Anderson’s disclosures is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, PHILLIP C ANDERSON's customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. Of the 6 “Customer Disputes” filed against Anderson, 2 are pending and 4 have settled. 

Many investors, including elderly and retirees, were allegedly misled into believing GWG L Bonds were low-risk, secure investments, when in fact GWG L Bonds were high-risk and considered unsuitable for many investors. GWG L Bonds were speculative, high-risk, and illiquid securities sold as private placement through broker/dealers nationwide.

Soreide Law Group has successfully brought dozens of cases before FINRA involving GWG L Bond sales.  If your broker/dealer or financial advisor recommended GWG L bonds to you and you’ve suffered significant investment losses, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.