SEC Charges a Former LPL Rep

Posted on June 7th, 2017 at 4:56 PM
SEC Charges a Former LPL Rep

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has charged Thomas Edward Andrews, a former broker with LPL Financial with defrauding 23 investors. Mr. Andrews is currently severing 97 months in federal prison in Utah for pleading guilty to securities and mail fraud. The SEC has also charged Mr. Andrew’s former assistant, Scott Christensen, who is currently serving a 12 month sentence.

According to the SEC, from 2010 through 2015, Mr. Andrews convinced investors to liquidate other investments and put their money in fictitious trusts. Moreover, Mr. Andrews used the investors’ funds for personal expenses. Mr. Andrews and Mr. Christensen allegedly misappropriated over $9 million of investor funds.  

The SEC's complaint sought injunctive relief, disgorgement and civil penalties for violations of the Securities Act, as well as charges against Mr. Andrews with violating the Exchange Act for operating as an unregistered securities broker.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & Arbitration, Strategic Consulting Services, Regulatory  Matters, Transition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, James Eccleston, Eccleston Law LLC

Return to Archive



Fantastic news!!!!  Your professionalism, support and expertise were greatly appreciated.  You made a difficult situation much more bearable.

Marci M.


August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).