Phillip Curtis Anderson Suspended

Phillip Curtis Anderson (CRD# 814936) a financial broker with 40 years of industry experience, was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) following allegations of recommending unrated corporate bonds to senior retail customers. Anderson had been employed at Kingswood Capital Partners LLC in Roseville, California for five years.

According to FINRA disclosures one client had at least 96 percent of their net worth, and another had 35 percent of their net worth (excluding their primary residences), invested in unrated corporate bonds sold by Anderson. Anderson earned $8,280 in commissions from these transactions. Putting this high percentage of client portfolios in unrated bonds was wholly unsuitable and contrary to the clients’ best interests.

As a result, Anderson has been suspended for five months. He is required to repay the $8,280.00 in commissions to the affected clients and pay an additional fine of $10,000.

Anderson has also faced multiple customer complaints relating to unsuitable investment recommendations. These include:

A claim that his recommendation to invest in GWG was unsuitable, with alleged damages of $88,000. The matter was settled for $35,000.
A claim involving his recommendation of an illiquid alternative investment, which he represented as safe. The alleged damages were $96,000, and the case was settled for $56,000.
A claim regarding his recommendation of an unsuitable annuity contract, with alleged damages of $38,000. The case was settled for $38,295.
A claim regarding his recommendation of an unsuitable annuity contract, with alleged damages of $38,000. The case was settled for $38,295.

Did You Invest with Phillip Curtis Anderson?

If you made investments with Phillip Curtis Anderson you may have concerns about how your accounts were handled. It is important to review your records carefully and explore your legal options. Investors may wish to consult with a securities attorney to understand potential remedies available.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.