SEC Fines North Carolina RIA Stephen Brandon Anderson More Than $500,000 for Overcharging Investors

Stephen Brandon Anderson Owned and Operated the Now Defunct RIA Firm River Source Wealth Management

The Sonn Law Group is investigating claims that RIA Stephen Brandon Anderson and his firm River Source Wealth Management improperly overcharged customers. If you suffered losses working with Mr. Anderson, please contact our law firm right away.

Stephen Brandon Anderson (CRD# 4062846) is a registered investment advisor (RIA). Currently, Mr. Anderson is a representative for Foundations Investment Advisors in Mount Juliet, TN. Previously, he was associated with River Source Wealth Management in Waynesville, NC (2010 to 2017).

The now defunct River Source Wealth Management was a firm that was owned and operated by Mr. Anderson. Recently, the Securities and Exchange Commission (SEC) entered an order finding that Mr. Anderson and his advisory firm charged customers more than $500,000 in illegitimate fees (In the Matter of Stephen Brandon Anderson).

SEC: River Source Wealth Management Overcharged Advisory Fees

Investment advisory firms have a duty to make fair, accurate representations to customers. The SEC contends that River Source Wealth Management — the firm owned by Stephen Brandon Anderson — made material misrepresentations to investors regarding the total amount of annual advisory fees that would be charged to their accounts.

The misconduct described by the SEC is a violation of the Advisers Act. As a result of the agency’s findings, Stephen B. Anderson has been ordered to pay a $505,000 fine, including more than $360,000 in disgorgement of ill-gotten gains. Additionally, Mr. Anderson is subject to heightened supervisory requirements for the next three years.

Jeffrey R. Sonn is an experienced FINRA arbitration and securities litigation attorney. If you were improperly overcharged by Stephen Brandon Anderson or River Source Wealth Management, Mr. Sonn can help. Please contact us today at 866–827–3202 for your free, no obligation case evaluation.