Advisor Alert: Our Attorneys Are Investigating Thomas Edward Andrews For Investment Fraud

Chetan Patil on November 2, 2023

Did You Lose Money Because of Tom Andrews?

Filed: November 2, 2023

Tom Andrews currently has one (1) pending customer complaint. Overall, he has been the subject of two (2) regulatory events, one (1) termination event, one (1) civil event, one (1) criminal event, and four (4) customer complaints. 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 Thomas Edward Andrews.

Who Is Thomas Edward Andrews?

  • Advisor Name: Thomas Edward Andrews
  • Aliases: Tom Andrews
  • CRD: 4587953
  • Location: Salt Lake City, Utah
  • Current Employer: No Longer Allowed to Practice in the Securities Industry
  • Previous Firms: LPL Financial LLC
  • Number of Known Customer Complaints: 4
  • Number of Known Regulatory Events: 2
  • Number of Known Termination Events: 1
  • Number of Known Criminal Events: 1
  • Number of Known Civil Events: 1
  • Can Thomas Andrews Be Sued: Yes, in Private Arbitration
  • Can Thomas Andrews’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $10,504,799
  • Highest Settlement: $2,240,000

If you have suffered investment losses by Thomas Andrews, 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 Tom Andrews For Broker Misconduct

As of this publication date, Tom Andrews has been the subject of 2 regulatory events, 1 termination event, 1 criminal event, 1 civil event, and 4 customer disputes. Let’s review them below.

In February 2018, United States Securities And Exchange Commission initiated a regulatory action against or in reference to Tom Andrews for pleading guilty to securities fraud in violation of 15 U.S.C. 78j(b), 78ff and 17 C.F.R. § 240.10b-5 before the United States District Court for the Central District of Utah, in United States v. Thomas Edward Andrews, case no. 2:16cr00211-DS.

In September 2017, a FINRA arbitration was filed against or in reference to Tom Andrews by multiple customers of LPL Financial LLC alleging that Mr. Andrews mismanaged the clients’ investments and stole investment funds from them in an amount over $9,100,000,000, churned their accounts, borrowed money from them, guaranteed their investments, and later advised them to prematurely liquidate annuity contracts and retirement accounts, and to invest those monies into purported annuity contracts which did not actually exist. Claimants assert claims for failure to supervise, negligence, breach of fiduciary duty, violation of State Securities Laws, violation of FINRA rules and selling away. Per the customers, they lost over $9,122,600 because of Mr. Andrews’s actions. On August 7, 2018, Mr. Andrews settled the claim for $2,240,000, and some or all of this amount may have been paid by Mr. Andrews’s employer and/or insurance carrier.

In April 2017, United States Securities And Exchange Commission initiated a civil event against or in reference to Tom Andrews for defrauding 23 investors.

In October 2016, a complaint was filed against or in reference to Tom Andrews by multiple customers of LPL Financial LLC alleging that Mr. Andrews mismanaged the clients’ investments and stole investment funds from them in an amount over $10,000,000, churned their accounts, borrowed money from them, guaranteed their investments, and later advised them to prematurely liquidate annuity contracts and retirement accounts, and to invest those monies into purported annuity contracts which did not actually exist. Claimants assert claims for failure to supervise, negligence, breach of fiduciary duty, violation of State Securities Laws, violation of FINRA rules and selling away. Per the customers, they lost over $10,504,799 because of Mr. Andrews’s actions. On July 11, 2017, Mr. Andrews settled the claim for $1,950,000, and some or all of this amount may have been paid by Mr. Andrews’s employer and/or insurance carrier.

In May 2016, felony charges were pressed against Tom Andrews in United States District Court for the District of Utah. Thomas Andrews received 1 felony charge for Mail Fraud and 1 felony charge for Securities Fraud.

In January 2016, a complaint was filed against or in reference to Tom Andrews by multiple customers of LPL Financial LLC alleging selling away.

In November 2015, FINRA initiated a regulatory action against or in reference to Tom Andrews for failing to respond to FINRA request for information.

In November 2015, a complaint was filed against or in reference to Tom Andrews by multiple customers of LPL Financial LLC alleging that Mr. Andrews engaged in mismanagement of investments, unauthorized borrowing, misuse and potential misappropriation of their monies, and abuse of trust between 2011 and 2015. The claimants allege that Andrews formed fictitious trusts and provided application materials to those individuals for annuity products. The clients next provided monies made payable to these trusts, and those monies were deposited into those trusts, rather than the actual annuity products. The clients added that they allege that they received purported statements from annuity companies which reflected their investments, but have learned that those annuity investment statements were “forged” and that their monies had not been invested with the annuity companies as they understood. Additionally, clients allege that Andrews lost or absconded with their monies. The clients assert claims for breach of fiduciary duty, failure to give competent investment advice, mismanagement of investments, negligence and gross negligence, misappropriation, fraud, negligent misrepresentation, breach of contract, fraudulent transfer, and violation of securities laws. The claimants also allege losses of monies they provided to Andrews as well as adverse tax consequences. Per the customers, they lost over $8,000,000 because of Mr. Andrews’s actions. As of this publication date, this claim remains pending.

In October 2015, LPL Financial LLC terminated Tom Andrews after the firm received allegations of misappropriation of client funds.

How To File A Claim Against Tom Andrews (previously with LPL Financial LLC) To Get Your Money Back.

If you have questions about Tom Andrews, LPL Financial LLC, 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.