Anderson was named in a customer complaint that asserted the following causes of action: breach of fiduciary duty; breach of implied covenant of good faith and fair dealing; negligence; fraud-nondisclosure of known facts; fraud-negligent misrepresentations; and violation of state securities law.

$1,898,874.00

$128,000.00

I continue to strongly dispute the accuracy of the allegations and believe that the award reflects the rejection of many of the customer's claims. The award allowed the customer to rescind two profitable investments, meaning that the Firm would return the customer's invested principal and take ownership of the securities, which was a net benefit to my Firm and a net loss to the customer. The compensation awarded to the client included $37,500, which is approximately 35% of the profit on the two investments at the time of the hearing. The Panel also awarded the client $90,500 for litigation costs. Consequently, the award resulted in little net loss to the Firm, particularly when compared to the approximately $2 million in damages the customer had sought. I was not asked to and did not contribute to payment of the award.