Brian Anderson, a former registered representative with PrimeVest Financial
Services, was sentenced last week to 68 months in federal prison and ordered
to pay $1.1 million in restitution, according to a September 9 InvestmentNews article.
Anderson pled guilty in March to embezzling over $1 million from eight
elderly clients over a four-year period. From 2002 to 2006, the clients
withdrew money from their bank accounts and turned it over to Anderson
with the belief that he was going to invest the money for them. Instead,
Anderson deposited the money into an account controlled by him and used
the money for his personal expenditures.
PrimeVest Financial Services is a registered member of FINRA headquartered
in St. Cloud, Minnesota. According to the article, a spokesman for the
firm said Anderson stopped working for PrimeVest in October 2007.