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Todd Anderson: FINRA Bars Former Benchmark Investments Advisor
Former Tucson financial advisor Todd Anderson (CRD# 1896352) was recently sanctioned and barred from acting as a broker. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Benchmark Investments, doing business as Anderson Financial Services.
Mr. Anderson’s BrokerCheck report discloses the recent FINRA sanction against him. Filed in December 2023, it alleges that he refused to provide documents and information requested during an investigation into a disclosure by his member firm. The firm’s disclosure concerned its commencement of “an internal review after Anderson’s client disputed a signature on a fixed annuity application.” Without admitting or denying FINRA’s findings, Mr. Anderson consented to a permanent bar from registering with any member firm in any capacity.
A second disclosure concerns Mr. Anderson’s resignation from Kingswood Capital Partners. Filed in May 2023, it states that he was “permitted to resign” following an earlier FINRA sanction against him, also disclosed on his BrokerCheck report. According to that sanction, filed in April 2023, concerned 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.” These recommendations allegedly resulted in unnecessary charges totaling $20,867. In connection with these findings, FINRA ordered him to pay a fine of $5,000 as well as restitution of $20,867. It also suspended him from registering with any member firm for 45 days.
A third disclosure concerns an investor complaint against Mr. Anderson. Filed in 2020, it alleged that as a representative of Cetera Advisors, he recommended unsuitable investments. In 2022 the complaint reached a settlement of $31,500.
A fourth disclosure concerns his firing from Cetera Advisors. Filed in 2019, it states that the firm terminated him in connection with allegations he failed to follow a written instruction that he receive pre-approval for mutual fund purchases. According the the firm’s allegations, he also failed to receive pre-approval for outside business activities, and received an investor complaint alleging that he made an unauthorized trade.
According to the Financial Industry Regulatory Authority, Todd Anderson holds 34 years of securities industry experience. He was most recently registered as a broker with Benchmark Investments in Tucson, Arizona from 2019 until 2023, doing business as Anderson Financial Services. His past registrations include Cetera Advisors, Geneos Wealth Management, Hornor Townsend & Kent, NYLife Securities, and MetLife Securities. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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; and the Uniform Investment Adviser Law Examination, or Series 65. He is currently barred from acting as a broker. (Information current as of January 17, 2024.)
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