Terry Anderson (CRD#: 2374045), formerly of First Allied Securities, Inc. of Parker, Colorado and Capital Asset Management, was terminated and is currently involved in a customer dispute, according to his BrokerCheck record accessed on April 27, 2020. What happened?
On March 17, 2020, Terry Anderson became involved in a customer dispute in which a client alleged that he failed to invest their money. The dispute is pending. This most recent customer complaint comes after Terry Anderson was terminated from both First Allied Securities, Inc. and Capital Asset Management on the same day, February 28, 2020. The firms found that Terry Anderson failed to report a customer complaint and instead attempted to settle the matter directly with the customer. As a result, the firms terminated Terry Anderson.
These recent disclosures are far from the only disclosures on Terry Anderson’s BrokerCheck record. In fact, Terry Anderson has been terminated more than once. On February 18, 2010, Terry Anderson was terminated from Securities America, Inc. and Securities America Advisors, Inc. What happened to lead to his termination? The firms found that Terry Anderson failed to follow firm policies and procedures related to outside business activities. Firm rules and FINRA regulations prohibit brokers from engaging in unapproved outside business activities. Terry Anderson’s Broker Comment reads, “I had a verbal and email agreement with Rich Bassman[,] a vice president of SAI[,] to process life settlements as an outside business activity and he was aware of it but I did not list it as an outside business activity. Mr. Bassman left SAI about March 2009. The other was an alleged sale of [a] fixed index annuity which did not take place. A client started the process and I with the client determined the annuity was not in the clients [sic] best interest and it was ‘not taken’.”
On April 20, 2010, clients alleged that Terry Anderson’s recommendation of Medical Capital and Provident Shale was unsuitable. The clients further alleged that Terry Anderson misrepresented investments, breached his fiduciary duty, and committed negligence. The clients originally requested $750,000 in damages; the matter later settled for $278,516.44 as part of a global settlement by Securities America, Inc.
Similarly, on July 30, 2010, more clients alleged that investments in Provident Shale and Medical Capital were fraudulent. They further alleged that Terry Anderson committed negligence, breached his fiduciary duty, breached his contact, made misrepresentations, and recommended unsuitable investments. The clients sought $3,707,000 in damages; the dispute ultimately settled for $626,661.98.
On September 7, 2010, a client alleged that Terry Anderson recommended unsuitable investments. The client alleges that they sought to preserve their capital, but Terry Anderson placed them into investments that did not meet their needs. He also alleges that Terry Anderson engaged in negligence and breached his fiduciary duty. The client sought $100,000 in damages; the matter was later settled.
Over his 24 years in the securities industry, Terry Anderson has worked for 11 firms, one of which has been expelled by FINRA:
- First Allied Securities, Inc. (CRD#: 32444)
- International Assets Advisory LLC (CRD#: 10645)
- J.W. Cole Financial, Inc. (CRD#: 124583)
- CapWest Securities, Inc. (CRD#: 30002) — expelled by FINRA on December 24, 2014
- Q43 Financial Corp. (CRD#: 14754)
- Securities America, Inc. (CRD#: 10205)
- Lincoln Financial Advisors Corporation (CRD#: 3978)
- The Lincoln National Life Insurance Company (CRD#: 2580)
- Linsco/Private Ledger Corp. (CRD#: 6413)
- Royal Alliance Associates, Inc. (CRD#: 23131)
If Terry Anderson was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.