FINRA Suspends Broker Joseph Todd, Failure To Pay Settlement

Joseph Todd (Joseph Michael Todd CRD# 1830390) is a previously registered broker and investment advisor whose last known employer was Centaurus Financial (CRD# 30833) of Crystal River, FL. Previously, Todd has worked for Investors Capital Corp. (CRD# 30613) and Edward Jones (CRD# 250) of Homosassa, FL and Invest Financial Corporation (CRD# 12984) of Appleton, WI. He has been in the industry since 1988.

Joseph Todd is the subject of three recent customer disputes with similar allegations of trading indiscretion, recommendation of illiquid investments, and stealing of funds that were intended for investment in safe and liquid fixed income securities through July of 2022. Those disputes were filed on 7/21/2022, 12/16/2022, and 1/6/2023, with collective requested damage amounts of $146,500. These claims are currently pending.

Centaurus Financial discharged Todd on 7/21/2022 citing its reasons as “violated Firm policy and industry rules with respect to an allegation of selling away and the receipt of customer funds.” Todd allegedly refused to cooperate with the ongoing investigation and was subsequently terminated.

Previously, on 5/21/2022, a customer filed a dispute indicating that Todd had engaged in multiple infractions, including:

Outside business activities
Selling away
Private securities transactions
Unsuitable investments and
Negligent account management
Negligence and negligent supervision
Bogus statement summaries
Conversion
Violations of the Florida Securities Act
Sale of unregistered and non-exempt securities
Breach of fiduciary duty and constructive fraud
Violations of FINRA conduct rules and NYSE board rules
Violations of statutes and industry rules related to senior investors, elderly persons, and disabled adults

FINRA, through arbitration, awarded the customer a settlement that included attorney and other fees of $100,050.00, plus an amount for losses to be determined later between $100K and $500K. Todd responded that the customer was fully aware of everything, confirmed their decisions in writing, and that he would dispute the allegations and defend himself against the charges. As of this writing, Todd has not paid any of the judgment against him.

On 4/25/2023, FINRA suspended Todd for non-payment of the arbitration settlement award. This suspension will remain in place until the settlement is paid for in full.

Did You Invest With Joseph Todd?

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