Adam Anderson Allegedly Violated FINRA Rule Regarding Outside Business
Adam Anderson (CRD #: 5157882), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on October 30, 2023. Keep reading if you have questions.
On September 25, 2023, Adam Anderson consented to the findings that he failed to provide prior written notice of an outside business to his member firm. The findings state that Adam Anderson engaged in the outside business by assisting in the creation of a reinsurance company and entering into a contract as the president of that company to provide reinsurance coverage on Enterprise risk-management insurance policies that his separate limited liability company purchased from an insurance company. According to the Acceptance, Waiver, and Consent agreement (AWC), the insurance company paid Adam Anderson’s reinsurance company $197,500 in premiums.
According to the AWC, this was a tax-savings arrangement for Adam Anderson. The AWC further alleges that he did not initially disclose this business and that he falsely stated on his firm annual attestation that he had disclosed all current outside businesses. When he eventually did provide notice of the outside business, the firm did not approve it.
As part of the terms of the AWC, Adam Anderson consented to a $5,000 fine and a one-month suspension.
You can read a copy of the AWC here.
FINRA Rule 3270 – Outside Business and Selling Away
FINRA Rule 3270 requires brokers to inform their firm of any outside business activities or any investments sold away from the firm. The brokerage firm may prohibit the activity if the firm believes the proposed activity may compromise the broker’s duties. Firms may also require brokers to seek approval of any outside business.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
There is also a termination on Adam Anderson’s record. On May 4, 2018, Edward Jones fired Adam Anderson following a loss of management confidence after he allegedly took newly deposited funds and added them to existing mutual fund positions without confirming client instructions.
Adam Anderson has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He is a registered broker in 18 states and is a registered investment adviser in Florida, Texas, and Utah.
During his 17 years of experience, he has registered with two firms:
- Ameriprise Financial Services (CRD #: 6363)
- Edward Jones (CRD #: 250)
Kurta Law Can Help
If you worked with Adam Anderson and have concerns about your investments, please contact us today at 877-600-0098 or email@example.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.