Todd Ray Anderson (CRD #1896352, Tucson, Arizona)

An AWC was issued in which Todd Ray Anderson (CRD #1896352) was fined $5,000, suspended from association with any FINRA member in all capacities for 45 days, and ordered to pay $20,867, plus interest, in restitution to a customer. Without admitting or denying the findings, Todd Ray Anderson consented to the sanctions and to the entry of findings that he recommended that a senior customer purchase over $1 million in mutual funds across 31 fund families, without considering the availability of fee discounts that would have been available to the customer by investing in fewer fund families. The findings stated that in making recommendations to the customer, Todd Ray Anderson failed to consider that the customer could have received a fee discount by reaching higher breakpoint levels, including through rights of accumulation, had the customer purchased funds in fewer fund families. Anderson’s recommendation that the customer invest in multiple fund families, without regard for available rights of accumulation and breakpoint discounts, caused the customer to incur $20,867 in unnecessary sales charges. The suspension is in effect from May 15, 2023, through June 28, 2023. (FINRA Case #2019063749201)