Investors might have sustained losses due to securities broker Todd Ray Anderson [CRD: 1896352, Tucson, Arizona], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Todd Anderson worked for Benchmark Investments LLC from September 17, 2019, to May 15, 2023, and Cetera Advisors LLC from March 21, 2014, to October 4, 2019. Keep reading to learn more about the securities broker’s disclosures.
Particularly, on December 20, 2023, FINRA issued Case: 2023079333101. This regulatory action against the broker originated from FINRA’s review of a Form U5 filed by Benchmark Investments, which disclosed that the firm had initiated an internal review after Anderson’s client disputed a signature on a fixed annuity application.
On September 19, 2023, FINRA sent a request to Anderson for the production of documents. Supposedly, Anderson acknowledged that he received FINRA’s request and would not produce the information or documents requested.
By refusing to produce the information or documents as requested, Anderson violated FINRA Rules 8210 and 2010. Consequently, FINRA imposed a bar from associating with any FINRA member in all capacities.
Particularly, on April 20, 2023, FINRA issued Case: 2019063749201. Mainly, FINRA alleged that Anderson recommended that a senior client purchase mutual funds without considering the availability of fee discounts that would have been available to the client by investing in fewer fund families.
The findings stated that in making recommendations to the client, Anderson failed to consider that the client could have received a fee discount by reaching higher breakpoint levels, including through rights of accumulation, had the client purchased funds in fewer fund families. Supposedly, Anderson's recommendation caused the client to incur $20,867 in unnecessary sales charges.
The sanctions ordered included a fine of $5,000 and a suspension from all capacities for 45 days in 2023.
Also, a client of Cetera Advisors LLC contested Todd Anderson’s sales practices by filing FINRA Arbitration: 20-02429. Allegedly, Anderson made unsuitable investment recommendations. It appears that Anderson caused the client to sustain damages on real estate securities and direct investments. As a result, Cetera Advisors LLC opted to settle the matter on February 17, 2022, by compensating the client in the amount of $31,500.
Did you experience losses because of Todd Anderson? If so, get in touch with Soreide Law Group online or at (888) 760-6552 so you can talk to a securities lawyer 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 brokerage firms he worked for deny accusations of sales practice violations.
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