- May 2, 2020
- First Allied Securities
Terry Anderson (CRD # 2374045) was a Financial Advisor at First Allied Securities in Parker, Colorado. In February 2020, Terry Anderson was terminated by First Allied Securities for “
Failure to report a customer complaint and attempting to settle the complaint directly with the customer.” Terry Anderson has been in the securities industry since 1994 and previously worked at International Assets Advisory and JW Cole Financial.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Terry Anderson has been the subject of six customer complaints during his career, including one pending complaint. Two of the complaints were subsequently withdrawn. Among the customer complaints against Terry Anderson including the following:
• March 2020—”Client alleges that advisor failed to invest his money.” Alleged damages are unspecified.
• September 2010—”CLIENT ALLEGES THAT THEY WERE SEEKING CAPITAL PRESERVATION AND THE REPRESENTATIVE PUT THE CLIENT INTO A PRODUCT THAT DID NOT MEET THE CLIENT’S NEEDS. THE CLIENT CLAIMS THE REPRESENTATIVE AND SAI ARE RESPONSIBLE FOR THE LOSSES DUE TO NEGLIGENCE AND BREACH OF FIDUCIARY RESPONSIBILITY.” The matter was settled for $27,468.
• July 2010—”CLAIMANTS ALLEGE THAT PROVIDENT SHALE AND MEDICAL CAPITAL INVESTMENTS WERE FRAUDULENT. ALLEGATIONS INCLUDE NEGLIGENCE, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, MISREPRESENTATION, UNSUITABILITY.” The matter was settled for $626,661.
• April 2010—”IN CONNECTION WITH THE RECOMMENDATION AND SALE OF MEDICAL CAPITAL AND PROVIDENT SHALE, CLAIMANTS ALLEGE UNSUITABILITY, MISREPRESENTATION, BREACH OF FIDUCIARY DUTY AND NEGLIGENCE.” The matter was settled for $278,516.
For a copy of Terry Anderson’s CRD, click https://brokercheck.finra.org/individual/summary/2374045#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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