Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Phillip Anderson (Anderson), previously associated with Kingswood Capital Partners, LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Anderson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on May 13, 2025.
Without admitting or denying the findings, Anderson consented to the sanctions and to the entry of findings that he made recommendations to senior retail customers that were unsuitable based on the customers’ investment profiles by recommending that that they invest in speculative, unrated corporate bonds. The findings stated that Anderson’s recommendations to the customers resulted in at least 96 percent and 35 percent of their respective net worth, not including primary residence, being invested in the bonds. Anderson earned a total of $8,280 in commissions in connection with these recommendations. A customer and a beneficiary of the other customer each brought and settled an arbitration against Anderson’s member firm relating to the bond investments.