Jeffrey Scott Anderson of Bloomington, Illinois, a stockbroker registered with NYLife Securities, has been barred from associating with any FINRA member in any capacity based upon allegations that Anderson misappropriated or converted a customer’s funds. FINRA Enforcement (AWC) No. 2020067888701 (Aug. 2, 2021).
Anderson was also subsequently barred by as a stockbroker in the Illinois State securities regulators. Case No. 2000634 (May 23, 2022).
According to the AWC, from October through December 2019, during the time that he was associated with NYLife Securities LLC, Anderson stole $26,579.72 from an elderly customer by convincing them to write checks to Anderson personally for the purpose of purchasing private investments or insurance for the customer. Instead of using the funds to purchase insurance or investments, Anderson used the customer’s funds to pay his personal expenses. On September 9, 2020, NYLife filed an amended Form U5 which included allegations concerning Anderson’s alleged conversion of customer funds via personal checks. As a result, FINRA began an investigation into Anderson, where it was determined that Anderson received five checks from customers that he later stole or converted for his personal use. As a result, Anderson violated FINRA Rules 2010 and 2150(a).
FINRA Public Disclosure shows that Anderson was discharged by Pruco Securities LLC on November 20, 2020, for the misappropriation of customer funds and the submission of altered documents in connection with the internal investigation of this matter.
Anderson was associated with NYLife Securities from April 24, 2014 through March 13, 2020.