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James Anderson: FINRA Bars Dakota Dunes Financial Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Dakota Dunes, South Dakota broker James Anderson (CRD# 4803514) barred him after finding he failed to provide information connected with its investigation into whether he purchased and sold securities away from his member firm. A former representative of Ameritas Investment Corporation, Anderson was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2019061592601) dated June 2019, James Anderson was associated with Ameritas Investment Corporation from May 2004 until February 2019, when the firm disclosed the termination of his registration. In that same month, FINRA sent him a request to provide information connected to its investigation into whether he participated in the purchase and sale of securities away from the member firm without the firm’s knowledge or approval. FINRA sent the request on March 25, 2019, according to the AWC Letter, and Anderson indicated to FINRA via counsel on March 25 and April 24, 2019 that he would not provide the requested documents and information. FINRA found this refusal to constitute violations of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from association with any FINRA member in any capacity.
James Anderson’s disclosure records list two pending customer complaints against him. One complaint, received in August 2019, alleges that as a representative of Ameritas Investment Corporation, he negligently misrepresented material facts regarding the sale of an unregistered security; the complaint alleges damages of $2,423,000. Another, filed in April 2019, alleges that as a representative of Ameritas he unsuitably recommended the purchase of a promissory note away from the firm; it alleges damages of $400,000.
James Anderson’s records also list one employment separation: specifically, his February 2019 discharge from Ameritas Investment Corporation after an internal investigation found he “engaged in the sales of Indexed Annuities and Promissory Notes away from the firm.”
James Anderson is currently not registered as a broker or investment advisor. His employment history includes Ameritas Investment Corporation in Dakota Dunes, South Dakota, where he was registered from 2004 until 2019. He currently holds zero state licenses and has passed three securities industry qualification examinations.