Last Updated: May 2024 (Bonita Springs, Florida)
Russell Andersen Investigation Summary
Here’s what you need to know about Bonita Springs, FL, financial advisor Russell Andersen:
- Name: Mr. Russell John Andersen
- Current Employer: Northern Trust Securities
- Previous Firms: Vision Investment Services
- Function: Stock Broker/ Financial Advisor
- Aliases: Russell Andersen
- Primary Location: Bonita Springs, FL
- CRD 2288717
- Can Russell Andersen be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Pending Customer Dispute Seeks Damages of $5,000,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Russell Andersen As Your Stockbroker?
In 4 2024 a customer of Northern Trust Securities filed a FINRA arbitration alleging that Russell Andersen did not follow his instructions to liquidate his portfolio and lock in profits when it had reached approximately $5 million. Instead Andersen advised the customer to hold the portfolio until it reached $7 million and to borrow $1 million to boost the value of the relationship, according to FINRA records. The customer seeks damages of $5 million in this currently pending matter.
In 2011 a customer alleged that Andersen failed to disclose the risks associated with auction rate securities (ARS). His company denied the claim and the customer did not pursue the matter further.
Allegations of Broker Misconduct Against Russell Andersen
Customers of Russell Andersen have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation
- Failed to follow instructions
- Failed to advise customer of risks associated with his recommendations
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
FINRA Rule 2010-states that a brokerage firm: “in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”
[LEARN MORE]: Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
[LEARN MORE]: FINRA Rule 2111- suitability -Regulation Best Interest
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Russell Andersen, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.