Russell Andersen: Northern Trust Advisor Faces $5mm Complaint

Bonita Springs, Florida financial advisor Russell Andersen (CRD# 2288717) recently received an investor complaint alleging that his conduct resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Northern Trust Securities.

Mr. Andersen’s BrokerCheck report discloses two investor complaints. The most recent, filed in March 2024, alleges that as a representative of Northern Trust Securities, he declined to follow the customer’s request”to liquidate his portfolio and lock in profits when it had reached approximately $5 million,” instead advising the customer “to hold the portfolio until it reached $7 million and borrow $1 million to boost the value of the relationship.” The pending complaint alleges damages of $5 million.

An earlier complaint, filed in 2011, alleged that as a representative of Northern Trust Securities, he failed to describe the risks associated with an investment. The complaint alleged unspecified damages and was denied by the firm.

According to the Financial Industry Regulatory Authority, Russell Andersen holds 31 years of securities industry experience. Based in Bonita Springs, Florida, he has been registered as a broker and an investment advisor since 1999 and 2015, respectively. He is also registered with the firm’s offices in Naples, Fort Myers, and Tampa, Florida. His past registrations include Vision Investment Services (Bonita Springs, Florida; 2000-2009), Key Investments (Cleveland, Ohio; 1993-1999), and Seafirst Investment Services (Seattle, Washington; 1992-1993). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the Uniform Investment Adviser Law Examination or Series 65; and the Uniform Combined State Law Examination, or Series 66. He holds 41 state licenses.(Information current as of May 12, 2024.)

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