FINRA barred Todd Ray Anderson, formerly of Benchmark Investments in Tucson, Arizona, for refusing to cooperate with an investigation into a client who had disputed a signature on a fixed annuity application. FINRA's report also referenced an April 2023 sanction over his recommendation that a senior customer purchase $1 million in mutual funds across 31 fund families, without considering or applying discounts that should have been available to that customer, causing the older client to incur more than $20,000 in unnecessary sales charges.
Anderson, who had already left prior firm Kingswood Capital Partners after the sales charge violations, has accumulated 13 disclosures in his BrokerCheck file since 2017, including a settled customer dispute alleging unsuitable investment recommendations and a termination from Cetera Advisors.
Cetera discharged Anderson for effecting an unauthorized trade and for failing to follow the firm's procedures to obtain written pre-approval for all mutual fund purchases.
If you invested with former Benchmark Investments broker Todd R Anderson or with any investment adviser whose unsuitable recommendations to purchase mutual funds or other products, or whose failure to apply applicable sales charge discounts has resulted in damages or investment losses, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.