Broker Investigation: Alex P. Anderson

Alex P. Anderson (CRD#: 4243107) is a former broker and investment advisor. From 2004 to 2014, Mr. Anderson was employed at Cetera Financial Specialists in Springfield, Ohio. Previously, this broker has also been associated with Hochman & Baker Securities in Stamford, Connecticut.

In April of 2015, FINRA barred Alex P. Anderson from the securities industry after investigating allegations of elder financial abuse. Here, our investment fraud lawyers review the details of the disciplinary action taken by FINRA.

Barred Broker: Alex P. Anderson

In 2011, Alex P. Anderson obtained the power of attorney (POA) over the affairs of a 94-year-old Cetera customer. At that time, Mr. Anderson was assigned as the customer’s securities representative at the firm. In May of 2014, the customer was reassigned to another financial advisor at the firm.

FINRA believes that in the six-month period following this reassignment, Mr. Anderson wrote nine unauthorized checks totaling $75,500 on the customer’s account. These checks were then deposited into his personal bank account. This is a violation of FINRA Rule 2150, which prohibits the misuse of customer securities and funds, and a violation of FINRA Rule 2010, which requires brokers to act with a high level of commercial honor.

Without admitting to or denying any wrongdoing in association with this case, Alex P. Anderson consented to FINRA’s proposed penalty of a bar from the industry.

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At Sonn Law Group, we have helped countless investors recover compensation for their losses. If you or a loved one was a victim of fraud or negligence, please contact us today for a free investor losses consultation.

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