PHILLIP C ANDERSON Fined and Suspended by FINRA

PHILLIP CURTIS ANDERSON (PHILLIP C ANDERSON) was fined $10,000.00, ordered to pay disgorgement of $8,280.00, and was suspended for five months by FINRA.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, the “Regulatory” disclosure dated 5/13/2025 states the following: “Without admitting or denying the findings, Anderson consented to the sanctions and to the entry of findings that he made recommendations to senior retail customers that were unsuitable based on the customers' investment profiles by recommending that that they invest in speculative, unrated corporate bonds. The findings stated that Anderson's recommendations to the customers resulted in at least 96 percent and 35 percent of their respective net worth, not including primary residence, being invested in the 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.”

In an article from InvestmentNews writes that in 2019, PHILLIP C ANDERSON allegedly invested 96% of a client’s investable assets and net worth into a high-risk, alternative investment, GWG Holdings bonds, which are now nearly worthless. Over the past decade, about 40 broker/dealers sold close to $1.6 billion in GWG L bonds, backed by life settlements. GWG Holdings, the issuer of the bonds, declared bankruptcy in 2022, leaving investors not knowing what value, if any, the GWG L bonds have.

The InvestmentNews article adds that when the financial advisors sold the bonds, there was no viable secondary market for the product. The article states PHILLIP C ANDERSON allegedly sold $96,000 of GWG bonds to a client with $100,000 to invest. According to the FINRA settlement, that was the client’s net worth, not including a primary home or residence. The article reports that Anderson was also involved with an alleged second sale of GWG bonds, in which Anderson sold the client $88,000 of GWG L bonds, representing 35% of his net worth.

FINRA’s BrokerCheck states that PHILLIP C ANDERSON has been in the securities industry for 40 years and was listed with 8 firms.  His most recent firm was Kingswood Capital Partners of Roseville, California from 06/15/2018 - 06/30/2023.  Anderson is not currently working as a broker.

There are 6 disclosures on Anderson’s CRD report, one is the above “Regulatory” disclosure and there are 5 “Customer Disputes.”  The significance of PHILLIP C ANDERSON’s customer disputes 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, Anderson’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

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 financial 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.