Bryan Wayne Anderson, of Birmingham, Alabama, a stockbroker formerly registered with Pruco Securities, LLC, has been barred by Securities and Exchange Commission (SEC) from engaging in business as a broker or an investment advisor, or otherwise associating with brokerage firms or investment advisories according to an Order containing findings that Anderson committed securities fraud. In the Matter of Bryan Wayne Anderson, Administrative Proceeding No. 3-17671 (Aug. 11, 2017).
The Order referenced that Anderson submitted a guilty plea to wire fraud under 18 USC § 1343; money laundering under 18 USC § 1957; and securities fraud – conduct violative of 15 USC § 77. United States v. Bryan W. Anderson, No. 2:14-cr-00421-VEH-TMP (N.D. Ala. Mar. 10, 2015). Anderson was sentenced to seven years in prison and ordered to pay $3,063,014.00 in restitution to investors.
Evidently, from 2009 to May of 2014, twelve customers had been convinced by Anderson to invest an estimated $6,700,000.00 in a real estate development company and stock option trading program. Anderson reportedly promised that investors would be provided guaranteed returns with no risk, despite Anderson having utilized the victims’ funds to cover his own expenses or provide repayment to other investors in a Ponzi scheme fashion.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Anderson is the subject of twenty-one customer initiated investment related disputes containing allegations of his misconduct while employed with Pruco Securities and MetLife Securities. In particular, a customer initiated investment related civil action involving Anderson’s conduct was settled for $14,999.00 in damages supported by allegations of breach of contract, breach of fiduciary duty, and fraudulent misrepresentation in regard to variable annuity products. Civil Action No. CV200902004 (June 15, 2011).
Then, on May 13, 2013, a complaint involving Anderson’s conduct was settled for $466,826.92 in damages based upon allegations that Anderson induced the customer’s variable life insurance policy purchases through making misrepresentations. Thereafter, a customer initiated investment related civil action regarding Anderson’s activities was filed in the Circuit Court of Jefferson County, Alabama, which was ultimately resolved for $60,000.00 in damages supported by accusations that Anderson made misrepresentations to the customer regarding the terms and conditions of a variable annuity issued to the customer. Civil Action No. CV-2012-901728.00 (Oct. 9, 2013).
Moreover, an arbitration claim regarding Anderson’s activities was resolved for $450,000.00 in damages founded on accusations that Anderson committed fraud in the course of effecting unregistered securities sales. FINRA Arbitration No. 14-01308 (May 26, 2015). Another customer initiated investment related arbitration claim regarding Anderson’s activities was resolved for $750,000.00 in damages based upon allegations that Anderson executed a Ponzi scheme, sold unregistered investments, and effected the purchase of unsuitable insurance products. FINRA Arbitration No. 14-02983 (June 16, 2015).
Subsequently, an investment related arbitration claim regarding Anderson’s activities was resolved for $975,000.00 in damages based upon allegations that Anderson effected life insurance, annuity, and unregistered security transactions that were not suitable for the customers and which were effected away from Pruco Securities, LLC. FINRA Arbitration No. 14-03085 (Aug. 13, 2015).
Another customer initiated investment related arbitration claim regarding Anderson’s activities was resolved for $500,000.00 in damages resting on allegations that Anderson defrauded customers through a Ponzi scheme. FINRA Arbitration No. 14-03639 (Feb. 10, 2016). Afterward, a customer initiated investment related arbitration claim regarding Anderson’s conduct was settled for $53,000.00 in damages based upon accusations against Anderson of misleading the customer in the purchase of unsuitable insurance products. FINRA Arbitration No. 16-00442 (June 6, 2017).
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