Advisor Alert: Our Attorneys Are Investigating Todd Ray Anderson For Investment Fraud
Did You Lose Money Because of Todd Anderson?
Filed: November 6, 2023
Todd Anderson currently has nine (9) pending judgment/lien events. Overall, he has been the subject of one (1) regulatory event, two (2) termination events, nine (9) judgment/lien events, and three (3) 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 Todd Ray Anderson.
Who Is Todd Ray Anderson?
- Advisor Name: Todd Ray Anderson
- Aliases: Todd Anderson
- CRD: 1896352
- Location: Tucson, Arizona
- Current Employer: Currently Not Registered
- Previous Firms: Benchmark Investments, LLC, Cetera Advisors LLC, and Geneos Wealth Management, Inc.
- Number of Known Customer Complaints: 3
- Number of Known Regulatory Events: 1
- Number of Known Termination Events: 2
- Number of Known Judgment/Lien Events: 9
- Can Todd Anderson Be Sued: Yes, in Private Arbitration
- Can Todd Anderson’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $53,165.51
- Highest Settlement: $408,704
If you have suffered investment losses by Todd Anderson, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker 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 Todd Anderson For Broker Misconduct
As of this publication date, Todd Anderson has been the subject of 1 regulatory event, 2 termination events, 9 judgment/lien events, and 3 customer disputes. Let’s review them below.
In May 2023, Kingswood Capital Partners, LLC terminated Todd Anderson. 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.
In April 2023, FINRA initiated a regulatory action against or in reference to Todd Anderson. 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.
In May 2022, Todd Anderson was the subject of a civil judgment or lien in the amount of $24,251.67. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In November 2021, Todd Anderson was the subject of a civil judgment or lien in the amount of $29,266.67. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In September 2021, Todd Anderson was the subject of a civil judgment or lien in the amount of $62,449.48. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In October 2020, Todd Anderson was the subject of a civil judgment or lien in the amount of $51,979.24. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In July 2020, a FINRA arbitration was filed against or in reference to Todd Anderson by a customer of Cetera Advisors LLC alleging unsuitable investment recommendations made between 2010-2013 and other causes of action. On February 17, 2022, Mr. Anderson settled the claim for $31,500, and some or all of this amount may have been paid by Mr. Anderson’s employer and/or insurance carrier.
In September 2019, Cetera Advisors, LLC terminated Todd Anderson 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.
In January 2018, Todd Anderson was the subject of a civil judgment or lien in the amount of $110,232.26. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In June 2017, Todd Anderson was the subject of a civil judgment or lien in the amount of $84,613.64. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In February 2017, Todd Anderson was the subject of a civil judgment or lien in the amount of $365,148.89. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In February 2017, Todd Anderson was the subject of a civil judgment or lien in the amount of $777,273.98. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In June 2010, Todd Anderson was the subject of a civil judgment or lien in the amount of $269,296. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In May 2009, a FINRA arbitration was filed against or in reference to Todd Anderson by multiple customers of Geneos Wealth Management, Inc. alleging that Mr. Anderson misrepresented the features of variable annuity riders. Per the customers, they lost over $53,165.51 because of Mr. Anderson’s actions. On October 14, 2009, Mr. Anderson settled the claim for $408,704, and some or all of this amount may have been paid by Mr. Anderson’s employer and/or insurance carrier.
In May 2000, a complaint was filed against or in reference to Todd Anderson by multiple customers of NYLife Securities Inc. alleging that with regard to a variable annuity purchased in September 1997, that “there was no understanding she would be charged (surrender charges) for requesting any monies from the account.” The customer also alleges upon being instructed to write a $900.00 check from their money market mutual fund account, Mr. Anderson ‘’neglected to let us know there would be fiduciary fees, tax fees, etc.”The check subsequently bounced. The customers request compensation for taxes, amount of lost investments, one year’s premiums, and surrender charges. Per the customers, they lost over $7,900 because of Mr. Anderson’s actions.
How To File A Claim Against Todd Anderson (previously with Benchmark Investments, LLC, Cetera Advisors LLC, and Geneos Wealth Management, Inc.) To Get Your Money Back.
If you have questions about Todd Anderson, Benchmark Investments, LLC, Cetera Advisors LLC, Geneos Wealth Management, Inc., 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.