TODD RAY ANDERSON Barred by FINRA

TODD RAY ANDERSON, according to FINRA’s BrokerCheck, was barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm with a start date of 12/20/2023. Anderson was previously registered both as a broker and as an investment advisor.  He was last listed with BENCHMARK INVESTMENTS, LLC of Tucson, Arizona, from 09/17/2019 - 05/15/2023.

Without admitting or denying FINRA’s findings, TODD RAY ANDERSON consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection to its investigation of an amended Form U5 submitted by his member firm.

According to the FINRA report, Anderson's firm filed an amended Form U5 disclosing that the firm had initiated an internal review after Anderson's client disputed an alleged signature on a fixed annuity application.

According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, TODD RAY ANDERSON, had been in the securities industry for 34 years and was listed with 7 firms.  Anderson has 16 disclosures on his FINRA CRD report. 

Two of the disclosures on TODD RAY ANDERSON’s FINRA report are, “Employment Separation after Allegations.”  On 9/6/2019, Anderson was discharged from CETERA ADVISORS, LLC following the allegations of, “The representative was terminated based on: 1) failure to follow the Firm's written instruction that he obtain pre-approval for all mutual fund purchases; 2) failure to follow the Firm's procedure requiring pre-approval of outside business activities; and 3) a customer allegation that the representative executed an unauthorized trade.”  On 5/15/2023, TODD RAY ANDERSON voluntarily resigned from KINGSWOOD CAPITAL PARTNERS, LLC, due to the allegations of, “Without admitting or denying the findings, Anderson consented to the sanctions and to the entry of findings that he recommended that a senior customer purchase over $1 million in mutual funds across 31 fund families, without considering the availability of fee discounts that would have been available to the customer by investing in fewer fund families. The findings stated that in making recommendations to the customer, Anderson failed to consider that the customer could have received a fee discount by reaching higher breakpoint levels, including through rights of accumulation, had the customer purchased funds in fewer fund families. Anderson's recommendation that the customer invest in multiple fund families, without regard for available rights of accumulation and breakpoint discounts, caused the customer to incur $20,867 in unnecessary sales charges."

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