Thomas Andrews Under Investigation By SEC: How Investors Can Recover Losses On A Contingency Fee Basis

AdobeStock_77502568-1-300x199According to a recent press release, Thomas E. Andrews is being charged by the Securities and Exchange Commission (SEC) for allegedly defrauding 23 investors. From 2010 until 2015, Andrews allegedly convinced his investors to liquidate their investments and put their money in “the Jackson Trust” and “the Lincoln,” promising high returns on both. The SEC alleges that the companies and investments were fake, and that he used the money to pay for personal expenses. Andrews allegedly sold $8,384,253 from investors and paid an assistant $1 million of that. Andrews was an unregistered securities broker at the time of the fraud and this is against securities rules. In December, Andrews pleaded guilty to securities and mail fraud and was sentenced to 97 months in prison. He was also ordered to pay over $8 million in restitution by a Utah judge. The assistant, Scott Christensen, pleaded guilty to securities fraud and making a false statement to a federal agent and later was sentenced to 12 months and one day in prison and ordered to pay $1 million in restitution.
Mr. Andrews was previously registered with LPL Financial in Salt Lake City, Utah from September 2005 until October 2015. He has three customer disputes against him, which are pending and one criminal final disposition. He has been permanently barred from the industry, according to his online, public BrokerCheck report with the Financial Industry Regulatory Authority (FINRA). Please call our Chicago-based securities law offices today at 312-332-4200 to find out how you may be able to sue LPL for not reasonably supervising Mr. Hogan. The call to us is free.

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