Broker Alex P. Anderson Barred by FINRA

Ohio broker Alex P. Anderson (CRD# 4243107) was permanently barred by FINRA in April 2015, for converting customer funds for his own use and benefit, in violation of FINRA Rules 2510 and 2010. According to the Letter of Acceptance Waiver and Consent, Anderson was appointed Power of Attorney over a 94 year-old customer of his, which gave Anderson broad authority over the customer’s financial affairs. Between May 21, 2014 and November 14, 2014, Anderson issued nine checks totaling $75,500 from the client’s bank account and deposited them into a bank account under Anderson’s control, for his own use and benefit. Due to these acts, Anderson violated FINRA Rules 2150(a) and 2010 and was permanently barred from the association with any FINRA member in any capacity. Anderson was registered with FINRA member firm Cetera Financial Specialists LLC from June 2004 through December 2014, and Hochman and Baker Securities Inc. of Stamford CT, from January 2002 through August 2004.

Many brokerage firms prohibit financial advisors from serving as trustees of clients’ trust accounts or executors of clients’ trust and estate plans. Financial advisors are generally prohibited from serving as power of attorney for elderly clients or managing money separate from investors’ accounts.

If you invested money with Alex P. Anderson or his firms and suffered losses, you may be entitled to recover some or all of those investment losses. Please call our securities law firm toll free at (800) 975-4345 to speak with an experienced attorney and to find out how we may be able to help you regain some or all of your losses. Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful in your lawsuit.