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The Schwartz Law Firm Continues to Investigate Ex-Centaurus Financial Advisor, Joseph Michael Todd

Schwartz Law is currently representing several clients who have claims against Ex-Centaurus Financial Advisor, Joseph Michael Todd (CRD# 1830390) a/k/a Michael Todd. We are seeking information from anyone who has had dealings with Mr. Todd or who has had similar investment-related losses when dealing with Mr. Todd.

Who is Joseph Michael Todd?

Joseph Michael Todd is a broker and investment advisor who was formerly registered with Centaurus Financial, Inc. and Investors Capital Corp. and located in Crystal River, Florida. He is the subject of several securities industry sales practice abuse investigations. Prior to Centaurus Financial, Inc., Joseph Michael Todd was associated with Investors Capital Corp. and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Termination by Centaurus Financial, Inc.

On July 21, 2022, Joseph Michael Todd was terminated by Centaurus Financial, Inc. for not cooperating with an ongoing investigation into whether he violated firm policy and industry rules with respect to allegations of selling away and the receipt of customer funds. Our law firm represents several clients who allege, among other things, that Joseph Michael Todd misappropriated and stole their funds. We are currently investigating such claims and are accepting clients who were victims of Joseph Michael Todd’s alleged misconduct.

Joseph Michael Todd was fired from Centaurus Financial in July 2022, according to FINRA’s BrokerCheck Report because of claims that he sold investments not authorized by the company, a common practice known as “selling away.” Prior to his registration at Centaurus Financial, Joseph Michael Todd was previously terminated by Investors Financial Corporation and Edward Jones. The stated reason for termination at Investors Financial Corporation was “failure to follow procedures;” and at Edward Jones it was “for engaging in outside business activity without the firm’s knowledge or approval.” Further, one customer of Todd’s at Edward Jones alleged misappropriation of Funds. Accordingly, Centaurus Financial, Inc was on actual and/or constructive notice of Todd’s prior misconduct and failed to properly supervise him.

Customer Disputes

As of May 5, 2023, Joseph Michael Todd has six (6) customer disputes reported for alleged misconduct. The claims revolve around allegations of outside business activities, selling away and private securities transactions; unsuitable investments and negligent account management; negligence and negligent supervision; bogus statement summaries; conversion; violations of the Florida Securities Act; sale of unregistered and non-exempt securities; breach of fiduciary duty and constructive fraud; violations of FINRA Conduct Rules and NYSE Board Rules; violations of statutes and industry rules related to senior investors, elderly persons and disabled adult.

Some of the customer disputes related to the sale of GWG L Bonds and the sale of Consol Coal Resources, LC (CCR). Other customers have made allegations of theft or conversion of client funds that were intended to be invested by Joseph Michael Todd through Todd Financial Services.

Recovering Money Lost of Stolen by Joseph Michael Todd

If you suffered losses related to investments made through Joseph Michael Todd, Todd Financial Services or Centaurus Financial, we would like to hear from you. Contact us to discuss your legal rights and potential options to recover losses. The Schwartz Law Firm represents investors in claims against third parties, including financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at [email protected].

Matthew Schwartz

Matthew Schwartz is a Shareholder at Schwartz, P.A. where he serves as the practice group leader for their securities litigation and professional negligence practice group. His practice is focused on plaintiff-side securities arbitration and litigation, representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others. He also represents plaintiffs who have been damaged by their insurance agents, lawyers, accountants and other professionals. He is an accomplished commercial litigator who has handled a variety of business disputes and other consumer claims.

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