Utah Broker Thomas E. Andrews Permanently Barred by FINRA

Misappropriation of funds, breach of fiduciary duty, and mismanagement are just a few of the allegations cited

Silver Law Group is investigating Thomas Edward Andrews, a broker who was employed by LPL Financial in Salt Lake City, Utah. Andrews began his career in the financial services industry in October 2002. In 2015, he was terminated after the firm received allegations from clients that he was misappropriating funds, engaging in unauthorized borrowing, mismanaging investments and that he committed breach of fiduciary duty from 2011 through 2015, among others.

He was subsequently suspended and permanently barred by the FINRA after he failed to respond to requests for information regarding his termination and the allegations. According to his BrokerCheck Report, in November 2015, clients of Andrews filed a complaint claiming that he had formed fictitious trusts, provided forged application materials for annuity products and accepted funds from them payable to these trusts.

Andrews’ clients also allege that they received fraudulent statements from annuity companies which showed their investments, yet none of their monies were ever invested in those annuities. Additionally, his clients allege that he engaged in selling away, which means that he sold or solicited the sale of securities not held or offered by the brokerage firm with which he was employed. Andrews’ clients are seeking $8 million is damages and he is currently facing several investigations as well as criminal charges for securities fraud.

If you invested with Thomas E. Andrews and lost money as a result of your relationship with him, it is possible to recover some or all of your losses. At Silver Law Group, our securities arbitration attorneys have extensive experience in recovering losses due to the misconduct of trusted financial advisors.

We represent the interest of investors who are victims of investment fraud. If you have questions about your legal rights or need help, please contact us today for a complimentary consultation.