Jeffrey Scott Anderson of Bloomington Illinois a stockbroker formerly registered with NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Anderson converted a customer’s funds. Letter of Acceptance Waiver and Consent No. 2020067888701 (Aug. 2, 2021).
According to the AWC, Anderson’s stockbroker registration with NYLife Securities had been terminated on September 9, 2020, with the securities broker dealer reporting to FINRA that Anderson had been the subject of two customer disputes by that point where one of those disputes related to Anderson improperly receiving funds from a customer.
The AWC stated that between October of 2019 and December of 2019, five checks were received by Anderson from an elderly person. The customer was persuaded by Anderson to hand him $26,579.72 in funds that Anderson was supposed to use for buying the customer’s insurance and investment products. The stockbroker did not do as he represented to the customer. Instead Anderson took the customer’s money for himself, using those funds to make car payments and to cover personal expenses. Anderson violated FINRA Rules 2010 and 2150(a) for his conversion and misuse of the elder investor’s assets.
FINRA Public Disclosure confirms that Anderson has been identified in five customer initiated investment related disputes containing allegations of his wrongdoing while employed by NYLife Securities. On June 4, 2018, a customer initiated investment related complaint regarding Anderson’s conduct was settled to resolve accusations of the customer’s assets being used for a variable annuity purchase without the customer’s consent.
On September 21, 2020, another customer initiated investment related complaint concerning Anderson’s conduct was resolved for $26,579.75 in damages based on allegations of Anderson receiving checks between October of 2019 and November of 2019 that Anderson improperly deposited into his own account. Anderson is also referenced in a customer initiated investment related written complaint which was settled for $21,251.80 on October 8, 2020 based upon accusations of the customer being required to pay undue surrender charges by following Anderson’s recommendation of switching a variable annuity with a fixed annuity.
On November 13, 2020, a different customer initiated investment related complaint involving Anderson’s conduct was settled for $26,875.92 in damages founded on allegations of the customer being misled into cancelling their insurance policies and investing through Anderson. The complaint alleges that the customer was placed into an annuity without their knowledge and that funds from that annuity were used to pay life insurance premiums.
Anderson is also the subject of a customer initiated investment related written complaint which was settled on June 7, 2021 to resolve accusations of misrepresentation relating to the customer’s variable annuity accumulation value and the interest rate that they would receive on a fixed annuity policy. The complaint alleges omissions regarding risks of liquidating annuities.
Anderson was associated with NYLife Securities between April 24, 2014 and February 13, 2020. On September 21, 2020, Anderson became registered with Pruco Securities LLC. He was discharged from that securities broker dealer on December 3, 2020 founded on allegations of him misappropriating an investor’s funds. Pruco Securities also claimed that Anderson gave the company’s internal investigators altered documents.