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Former PrimeVest Representative Ordered to Pay $1.1 Million in Restitution

David P. Meyer, Esq.

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.