Phoenix, Ariz. - Following an administrative hearing, the Arizona Corporation Commission denied the investment adviser representative license (IAR) application of Todd R. Anderson of Tucson, finding its administrative action was in the public interest.

The Commission’s denial of Mr. Anderson’s Arizona IAR license application is based upon a permanent bar from the industry imposed by the Financial Industry Regulatory Authority (FINRA).

The Commission found that Mr. Anderson was the subject of at least one other FINRA investigation, which resulted in restitution, penalties and license suspension. Additionally, he was the subject of multiple customer complaints that resulted in settlements and has been terminated from at least two securities dealers for failure to follow company policy. 

The Commission found Mr. Anderson failed to fully comply with a subpoena issued by the Commission’s Securities Division.

All documents relating to this agenda item can be found in the Corporation Commission's online docket at edocket.azcc.gov and entering docket number S-21312A-24-0134.