Arizona Corporation Commission Securities Division

When employed in association with Thrivent and United Planners, Anderson obtained loans from several clients, some of which have not been repaid. In February 2017, Anderson entered into a Letter of Acceptance, Waiver, and Consent with FINRA, pursuant to which he was barred from association with any FINRA member. The FINRA Consent and underlying conduct are grounds for revocation, restitution, and penalties.

Consent

Civil and Administrative Penalty(ies)/Fine(s)

$1,000.00

Restitution

$12,400.00

Revocation

Eugene Anderson's registration as a securities salesman and license as an investment adviser representative are revoked

FINRA

Without admitting or denying the findings, Anderson consented to the sanction and to the entry of findings that he converted customer funds by soliciting $15,000 from two of his brokerage customers for his personal use. The findings stated that Anderson kept the funds and did not repay the customers. Anderson acted in bad faith by accepting the funds without the means or intent to repay the customers.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

2/10/2017

United Planners Financial Services of America

Discharged

Receipt of a client loan

[CUSTOMER] WAS A JOINT OWNER OF A JACKSON NATIONAL LIFE (JNL) VARIABLE ANNUITY WITH HER HUSBAND. [SPOUSE] PASSED ON JUNE 23RD, 2008 AND MR. ANDERSON ASSISTED [CUSTOMER] WITH HER ACCOUNT. MR. ANDERSON PROVIDED [CUSTOMER] WITH THE OPTIONS THAT SHE HAD REGARDING HER POLICY AND SHE OPTED TO CONTINUE THE POLICY. AT THE TIME THE POLICY WAS BELOW THE INVESTED AMOUNT OF THE CONTRACT AND JNL DEPOSITED MONEY INTO THE ACCOUNT. MONTHS LATER (AND AFTER A DOWNTURN IN THE MARKET) [CUSTOMER] FORWARDED A LETTER TO JNL INDICATING THAT SHE WOULD HAVE RATHER CASHED OUT THE POLICY RATHER THAN CONTINUE IT AS INDICATED PREVIOUSLY IN WRITING. OUR INVESTIGATION INDICATED THAT MR. ANDERSON PROVIDED [CUSTOMER] ALL OPTIONS AND THAT HE FOLLOWED HER INSTRUCTIONS AT THE TIME SHE COMPLETED THE DOCUMENTS. WE FOUND THAT MR. ANDERSON WAS ACTING IN HER BEST INTEREST AND IN ACCORDANCE WITH THE [CUSTOMER'S] INITIAL PLAN. MR. ANDERSON DID NOT RECEIVE COMPENSATION TO MAINTAIN THE ACCOUNT AT JNL.

$12,000.00

AS OF 10/06/2010 COMPLAINT IS NO LONGER REPORTABLE AND SHOULD BE ARCHIVED.