Former financial broker, Bryan W. Anderson, is under investigation by FINRA for allegedly defrauding his investors of over $8.4 million dollars. The alleged fraud occurred while Anderson worked for MetLife Securities, Inc. through to his time at Pruco Securities, LLC, between 2009 and 2014. While working for these firms, he had met and retained connections with many investors, building a trust that he later exploited, according to the allegations.
Anderson allegedly offered stock options that were neither registered nor was he authorized to sell them. His investors were solicited for funds, which he allegedly used for his own personal gains, rather than actual investments. In 2003, Anderson started a company called 360 Properties LLC that supposedly developed real estate. However, around 2009, the allegations claim that the company was generating most of its income through leasing properties that Anderson allegedly knew to be untrue. Furthermore, some of the customers believed that the company was associated with MetLife Securities, a fact that Anderson did not clarify or disprove, according to the charges.
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Anderson allegedly made false representations of investment and convinced 18 individuals and families to wire, mail, and deliver over $8.4 million dollars into Banccorp South Bank, which is allegedly controlled and owned by Anderson and his wife. Rather than investing the funds, however, he allegedly used them to pay off earlier investors and fund his own lifestyle. 12 of those individuals lost a sum total of 3,063,614.40.
The former broker is alleged to have conducted a Ponzi scheme as well. Anderson allegedly issued promissory notes that were worthless. He allegedly promised investors the following about their investments:
- 5% to 20% return on investments
- They would see returns between 30 and 60 days
- Can access their money at any time
- The investments are 100% risk free
Anderson did not uphold his promises, and rather used the funds to pay off previous investors, according to the claims. When he could not keep up with the expenses, he allegedlylied about the false funds. He also allegedly allocated investors’ money into his wife’s TD Ameritrade Account.
FINRA also asserts that Anderson committed multiple cases of wire fraud.
The charges include:
- A wire transfer from K.C. Wells Fargo bank into Anderson’s Banccorp South account for $571,378.30
- A wire transfer from K.C. Wells Fargo bank into Anderson’s Banccorp South account for $368,000
- Illegally Received $100,000 from an individual named T.C.
If convicted, Anderson will be responsible for paying reparations and could be forced to forfeit all U.S. property that he has a hold on.
If you or a loved one is a victim of Bryan Anderson’s alleged scheming, give us a call today! Our investor fraud attorneys are willing and ready to determine if we can help! Schedule a free case evaluation today!
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