Former LPL Broker Deborah Anderson Involved in Nine Disputes
Deborah Anderson (CRD# 1795405), formerly a broker registered with LPL Financial, is embroiled in nine investor disputes, according to her BrokerCheck profile. This Financial Industry Regulatory Authority (FINRA) record, accessed on July 31, 2023, additionally describes her termination from LPL Financial over alleged rule violations. More information about the allegations against the former San Diego financial professional is available below.
Pending Disputes Concern Bonds, Oil & Gas Products
Nine investors or parties of investors filed disputes involving Ms. Anderson between March 2022 and May 2023. The disputes include allegations that she unsuitably recommended illiquid and high-risk investments, misrepresented material information, and breached her fiduciary duties. According the her BrokerCheck report, the disputes relate to investments in corporate bonds, government bonds, oil and gas products, and real estate securities. All of the disputes remain pending, seeking cumulative damages of at least $450,000.
LPL Fired Anderson in 2021
LPL Financial fired Ms. Anderson in 2021, as disclosed on her BrokerCheck profile. Her termination stemmed from allegations that she misrepresented the value of alternative investments held by her customers.
What Is Misrepresentation?
Misrepresentation occurs when brokers like Ms. Anderson give their customers false or misleading information concerning the investments or investment strategies they recommend. The misrepresentation of material facts—that is, facts that pose a significant consideration to investors—generally violates FINRA Rule 2020. This rule states that brokers may not use “any manipulative, deceptive or other fraudulent device or contrivance” when they conduct securities business. Misrepresentations can lead investors to make unsuitable investments, which may in turn expose their portfolios to the risk of substantial losses.
What Is a Fiduciary Duty?
The Securities and Exchange Commission (SEC) published guidance in 2019 concerning its interpretation of the fiduciary standard for investment advisers. Under this standard, advisers owe several duties to their clients. First is the duty of care to offer investment advice in the client’s best interests, based on a “reasonable understanding” of the customer’s goals. Second is the duty to seek best execution: in other words, to conduct securities transactions in a manner that maximizes their value for the customer. Third is the duty of loyalty, which requires advisers to place the client’s interests ahead of their own. This requires advisers to fully and fairly disclose material information relating to their relationship with the client, including any conflicts of interest that may affect their advice.
Deborah Anderson Last Based in San Diego
Anderson started her career as a broker in 1988, when she registered with SME Capital Management Corporation. Her history in the industry has included stints at firms like Royal Alliance Associates, Great American Securities, and Centaurus Financial. Her most recent registration was with LPL Financial in San Diego, California, which she joined in 2020 and where she remained until her termination in 2021. She has completed six industry exams, including the Series 63, the Series 22, and the Series 24.
Did You Lose Money Investing?
If you are a current or former customer of Deborah Anderson with complaints about your investments, you may have recovery options. Call MDF Law to discuss whether a FINRA arbitration proceeding is right for your case. Our team has lengthy experience recovering tens of millions of dollars in investment losses. We offer free consultations to investors across the US. Your time to file a claim may be limited, so call 800-767-8040 to chat with an attorney today.