James F. Anderson of Dakota Dunes, South Dakota, a stockbroker registered with Ameritas Investment Corp., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $1,600,000.00 in damages based upon allegations that Anderson failed to supervise certain registered representatives and made misrepresentations of material fact in connection with the recommendation and sale of promissory notes when Anderson was associated with Ameritas Investment Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02050 (November 18, 2020).
FINRA Public Disclosure shows that on June 29, 2020, another customer initiated investment related FINRA securities arbitration claim involving Anderson’s conduct was settled for $60,000.00 in damages based upon allegations that Anderson made unsuitable recommendations of promissory notes when Anderson was associated with Ameritas Investment Corp. FINRA Arbitration No. 19-00933.
Anderson has also been barred from associating with any FINRA member in any capacity because Anderson failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2019061592601 (June 3, 2019).
According to the AWC, on February 25, 2019, during the time that he was associated with Ameritas Investment Corp., FINRA sent a request for Anderson’s information and documents. The regulator was investigating whether Anderson had participated in the sale and purchase of securities away from Ameritas Investment Corp. without its authorization. Through his counsel, on April 24, 2019, Anderson indicated that he had received FINRA’s request but would not provide the requested documents and information. Therefore, Anderson violated FINRA Rules 2010 and 8210.
On February 11, 2019, Ameritas Investment Corp. discharged Anderson based upon allegations that Anderson engaged in an undisclosed outside business activity.
