Investors might have sustained losses due to Stephen Brandon Anderson [CRD: 4062846, Mount Juliet, Tennessee], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Anderson worked as a financial advisor for River Source Wealth Management LLC from August 2009 to March 2017. Continue reading to learn more about the disclosures surrounding Anderson’s conduct and the potential impacts on investors.
Regulator Alleged Misrepresentations, Overcharging
On May 28, 2019, the United States Securities and Exchange Commission (SEC) issued Case No. 3-19183, sanctioning Stephen Anderson.
Stephen Anderson, while at River Source Wealth Management LLC, reportedly overcharged clients by at least $367,000 in advisory fees. Supposedly, he also misrepresented crucial information in mandatory reports to the SEC and to clients. Among these were false declarations of River Source's assets under management.
Furthermore, Anderson allegedly neglected to maintain necessary financial records and did not establish and enforce reasonable compliance procedures and policies. His failure to conduct annual reviews of these policies or evaluate their effectiveness made the situation worse, according to the regulator. SEC's findings concluded that Anderson violated Investment Advisers Act Sections 206(2) and 207, and also abetted violations concerning the maintenance of proper books and records.
Sanctions Against Stephen Anderson Ordered By SEC
SEC’s sanctions included cease and desist from future violations; disgorgement of ill-gotten gains totaling $367,176; a fine of $100,000; and restrictions on Anderson's future activities in the financial services industry. Notably, Anderson cannot act in any supervisory or compliance capacity with any financial institutions or charge client advisory fees without supervision for three years.
Seek Recovery For Your Losses With Stephen Anderson
Did you experience losses because of Stephen Anderson? 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 has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Anderson and the brokerage firms he worked for deny accusations of sales practice violations.
