04 May Thomas Edward Andrews— Fraudulent Theft of Investment Funds
Thomas Edward Andrews, with the Purported Help of Scott Walter Christensen, Allegedly Defrauded 23 Investors, Most of Whom Were from a Small Utah Community; Andrews Allegedly Solicited Investors to Put $8.38 million of Savings and Retirement Funds into Two Investments, “the Jackson Trust” and “the Lincoln”
Thomas Edward Andrews, a former registered representative of LPL Financial, LLC and his full-time personal assistant, Scott Walter Christensen, allegedly defrauded 23 investors, most of whom were investors that were financially unsophisticated and residents of a small rural Utah community, according to an SEC Complaint currently under review by attorneys Joe Peiffer and James Booker.
Peiffer Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in issues related to Thomas Edward Andrews’ alleged investment fraud.
Investors who believe they may have lost money in activity related to Thomas Edward Andrews’ alleged investment fraud are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
Thomas Edward Andrews, with the knowing assistance of Scott Walter Christensen, and from 2010 through the autumn of 2015, allegedly lured 23 investors to put their savings and retirement funds into two investments, “the Jackson Trust” and “the Lincoln”, according to the aforementioned SEC Complaint.
Furthermore, Thomas Edward Andrews allegedly sought investors who residents of a small rural Utah community and whom were financially unsophisticated, according to the aforementioned SEC Complaint.
Andrews also allegedly concealed his activity related to the “Jackson Trust” from his supervisor at York & Associates and from LPL and also allegedly told his investors that the “Jackson Trust” provided 6 to 8.5% annual returns, the Complaint states.
What is more, Thomas Edward Andrews also allegedly made promises to investors that the investment was of a “guaranteed” nature and also made statements to a few investors specifically that the investment was guaranteed by LPL, the Complaint reports.
Andrews, for example, also allegedly told another investor that he had obtained special access to this particular opportunity because of his contacts with certain so-called “capital companies”, the SEC Complaint notes.
Thomas Edward Andrews also allegedly went on to organize a bank account that he called the “Jackson Trust” at a local credit union, wherein he himself was the trustee and the lone signatory, the Complaint reports.
Thomas Edward Andrews allegedly simply made deposits of the investors’ checks into the aforementioned accounts and eventually purportedly transferred the funds to his own account at the aforementioned credit union without the prior knowledge of his investors, said SEC Complaint states.
Thomas Edward Andrews also allegedly never made transfers of his investors’ funds to any legitimate investment, the Complaint notes.
The Peiffer Wolf securities lawyers are currently investigating Thomas Edward Andrews’ alleged fraudulent theft of investment funds.
Thomas Edward Andrews Invested Client Money in Fictitious Investments and Used Investors’ Fund to Pay Personal Expenses; Andrews Allegedly Made Claims that the “Lincoln” Investments would Produce a 5% Return or the Quarterly S&P Index Return, whichever was Higher
Thomas Edward Andrews allegedly asserted that the “Lincoln” investments would produce returns equal to 5% or the quarterly S&P index return, whichever was higher, according to the aforementioned SEC Complaint currently under review by attorneys Joe Peiffer and James Booker.
The SEC also goes on to allege that the aforementioned investments were fictitious and Andrews used the investors’ funds to pay for personal expenses, the Complaint notes.
What is more, Scott Walter Christensen also allegedly helped Andrews in the purported scheme by assisting him create and mail out false account statements and by pretending to be a “Jackson Trust” supervisor during calls to investors, the Complaint reports.
In sum, Andrews allegedly misappropriated $8,384,253 from investors and paid Christiansen $1 million, the Complaint states.
On December 15, 2016, Andrews reportedly pleaded guilty to securities and mail fraud and was also subsequently sentenced to 97 months in prison and was ordered to pay $8,384,253 in restitution, the SEC notes.
Finally, n July 26, 2016, Christensen has pleaded guilty to securities fraud and making a false statement to a federal agent and later received a sentence of 12 months and 1 day in prison and ordered to pay $1 million in restitution, the SEC reports.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of investment fraud and are currently investigating Thomas Edward Andrews’ alleged fraudulent theft of investment funds. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Thomas Edward Andrews’ alleged fraudulent theft of investment funds may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 216-589-9280 or via e-mail at [email protected] or [email protected].
