Advisor Alert: Our Attorneys Are Investigating Joseph Michael Todd For Investment Fraud

Chetan Patil on March 5, 2024

Did You Lose Money Because of Joseph (Michael) Todd?

Filed: March 4, 2024

Joseph Todd (also known as Michael Todd) currently has thirteen (13) pending customer complaints. Overall, he has been the subject of eighteen (18) customer complaints, two (2) regulatory events, one (1) civil event, and one (1) termination event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on Joseph Michael Todd.

Who Is Joseph Michael Todd?

  • Advisor Name: Joseph Michael Todd
  • Aliases: Michael Todd
  • CRD: 1830390
  • Location: Crystal River, Florida
  • Current Employer: No Longer Allowed to Practice in the Securities Industry
  • Previous Firms: Centaurus Financial, Inc., Investors Capital Corp., and Edward Jones
  • Number of Known Customer Complaints: 18
  • Number of Known Regulatory Events: 2
  • Number of Known Civil Events: 1
  • Number of Known Termination Events: 1
  • Can Joseph Todd Be Sued: Yes, in Private Arbitration
  • Can Joseph Todd’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $900,000
  • Highest Settlement: $615,625.72

If you have suffered investment losses by Joseph Todd, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against Joseph (Michael) Todd For Broker Misconduct

As of this publication date, Joseph Todd has been the subject of 18 customer disputes, 2 regulatory events, 1 civil event, and 1 termination event. Let’s review them below.

In January 2024, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that in December of 2020, Mr. Todd recommended an unsuitable investment. Per the customer, she lost over $50,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In December 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that Mr. Todd misappropriated her funds. Per the customer, he/she lost over $170,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In November 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that Mr. Todd recommended and sold outside products that were unsuitable. Per the customer, he/she lost over $138,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In October 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that Mr. Todd absconded with his funds. Per the customer, he lost over $300,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In August 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by multiple customers of Centaurus Financial, Inc. alleging that Mr. Todd absconded with their funds. Per the customers, they lost over $492,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In August 2023, the United State Securities and Exchange Commission initiated a regulatory event against or in reference to Joseph Todd for allegedly misappropriating investor funds, falsely stating to investors that their funds would be invested in securities, sending out false account statements indicating that investors’ funds were fully invested and earning returns, and otherwise engaging in a variety of conduct which operated as a fraud and deceit on investors.

In July 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that Mr. Todd absconded with her funds and never invested the money. It is worthy to note that Centaurus is unable to verify that the claimant was a client of Centaurus. Per the customer, she lost over $99,500 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In July 2023, United State Securities and Exchange Commission initiated a civil event against or in reference to Joseph Todd for allegedly engaging in a fraudulent scheme and misappropriated at least $3 million from at least 20 customers of “Broker A,” a dually registered broker-dealer and investment adviser that employed Todd as a registered representative.

In July 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that during the period of August 2021 through July 2022, Mr. Todd improperly exercised discretion and engaged in unauthorized trading in unsuitable, illiquid and high-risk investments. Per the customer, she lost over $900,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In June 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by multiple customers of Centaurus Financial, Inc. alleging that during the period of March 2018 through September 2022, Mr. Todd improperly exercised discretion and engaged in unauthorized trading in unsuitable and high-risk investments. As of this publication date, this claim remains pending.

In June 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that in June 2022, Mr. Todd misappropriated funds. Per the customer, he/she lost over $152,400 because of Mr. Todd’s actions.  As of this publication date, this claim remains pending.

In June 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that during the period of 2019 and 2021, Mr. Todd improperly recommended high risk and an illiquid investment and misappropriated funds. Per the customer, he/she lost over $238,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In June 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that in March 2019, Mr. Todd misrepresented unsuitable, high risk, high commission and illiquid Alternative Investments. Per the customer, she lost over $100,001 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In June 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that in July of 2019, Mr. Todd misrepresented a non-profit organization and engaged in undisclosed outside business activities. Per the customer, she lost over $100,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In April 2023, FINRA initiated a regulatory event against or in reference to Joseph Todd for failing to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

In March 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that during August 2021 through July 2022, Mr. Todd incorrectly exercised trading discretion and recommended illiquid investments. Per the customer, he/she lost over $130,000 because of Mr. Todd’s actions. As of this publication date, this claim remains pending.

In January 2023, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging that during the period of 2020 through July 2022, Mr. Todd misrepresented illiquid, high risk and unsuitable investments and stole funds that were supposed to have been invested in safe, liquid fixed income securities. On September 1, 2023, Mr. Todd settled the claim for $615,625.72, and some or all of this amount may have been paid by Mr. Todd’s employer and/or insurance carrier.

In December 2022, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Investors Capital Corp.and Centaurus Financial, Inc. alleging that during 2014 through July 2022, Mr. Todd misrepresented illiquid, high risk and unsuitable investments and stole funds that were supposed to have been invested in safe, liquid fixed income securities. Per the customer, he/she lost over $16,500 because of Mr. Todd’s actions. On November 10, 2023, Mr. Todd settled the claim for $10,000, and some or all of this amount may have been paid by Mr. Todd’s employer and/or insurance carrier.

In July 2022, Centaurus Financial, Inc. terminated Joseph Todd while under investigation of whether Mr. Todd violated Firm policy and industry rules with respect to an allegation of selling away and the receipt of customer funds. The Registered Representative has not cooperated with the investigation. The investigation is ongoing.

In May 2022, a FINRA arbitration was filed against or in reference to Joseph Todd by a customer of Centaurus Financial, Inc. alleging outside business activities, selling away and private securities transactions; unsuitable investments and negligent account management; negligence and negligent supervision; bogus statement summaries; conversion; violations of the Florida Securities Act; sale of unregistered and non-exempt securities; breach of fiduciary duty and constructive fraud; violations of FINRA Conduct Rules and NYSE Board Rules; violations of statutes and industry rules related to senior investors, elderly persons, and disabled adults; and respondeat superior. Per the customer, he/she lost over $500,000 because of Mr. Todd’s actions. This award has not been paid by or on behalf of Todd as of April 25, 2023.

In August 2008, a complaint was filed against or in reference to Joseph Todd by a customer of Edward Jones alleging misappropriation. Per the customer, she lost over $26,000 because of Mr. Todd’s actions.

In March 2001, a complaint was filed against or in reference to Joseph Todd by multiple customers of Invest Financial Corp. alleging that Mr. Todd misrepresented the surrender period of annuity and failed to provide a contract in a timely fashion. Per the customers, they lost over $9,608.66 because of Mr. Todd’s actions. On April 11, 2001, Mr. Todd settled the claim for $9,608.66, and some or all of this amount may have been paid by Mr. Todd’s employer and/or insurance carrier.

How To File A Claim Against Joseph (Michael) Todd (previously with Centaurus Financial, Inc., Investors Capital Corp., and Edward Jones) To Get Your Money Back

If you have questions about Joseph Todd, Centaurus Financial, Inc., Investors Capital Corp., Edward Jones, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.