Former Roseville, California financial advisor Phillip Anderson (CRD# 814936) was recently suspended and fined in connection with alleged rule violations....
Read MorePhillip Anderson: FINRA Suspends Ex-Kingswood Advisor
Former Roseville, California financial advisor Phillip Anderson (CRD# 814936) was recently suspended and fined in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Kingswood Capital Partners and an investment advisor with Resurgent Financial Advisors.
A Letter of Acceptance, Waiver, and Consent (No. 2020068830201) describes FINRA’s disciplinary action against Mr. Anderson. Filed in May 2025, it states that he “recommended that two senior retail customers invest in GWG L Bonds, which were speculative, unrated corporate bonds.” FINRA found that these recommendations resulted in one customer investing at least 96% of their net worth in the bonds, while the other invested at least 35% of their net worth. Finding that these recommendations were unsuitable for the customers, FINRA concluded that he violated industry rules. As a result, it issued him a five-month suspension from associating with any member firm in any capacity. It also ordered him to pay a fine of $10,000, and disgorgement of more than $8,000.
Mr. Anderson’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in 2022, alleged that as a representative of Kingswood Capital, he recommended unsuitable investments in GWG. The complaint reached a settlement of $35,000.
An earlier investor complaint, filed in 2023, alleged that he recommended an illiquid alternative investment and represented it as safe. In 2024 the complaint reached a settlement of $56,000.
According to the Financial Industry Regulatory Authority, Phillip Anderson holds 40 years of securities industry experience. Most recently based in Roseville, California, he was registered with Kingswood Capital Partners from 2018 until 2023. His registration history includes Niagara International Capital Limited, Wells Fargo Advisors, Merrill Lynch, Edward D. Jones, Carillon Investments, PML Securities Company, and NML Equity Services. He has been suspended from acting as a broker. (Information current as of May 13, 2025.)
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