Bryan W. Anderson, Terry J. Bagwell and Pruco Securities LLC
We are investigating allegations made by FINRA (the Financial Industry Regulatory Authority) against Terry Joe Bagwell, an advisor in Birmingham, Alabama. Bagwell was alleged to be the supervisor designated to supervise another registered representative (Bryan Wayne Anderson) of Pruco Securities that sold $8.4 million in unapproved investments to customers and non-customers of Pruco. It was alleged that these securities were part of an ongoing Ponzi scheme.
FINRA alleged that Terry Bagwell invested $35,000 of his own money with Bryan Anderson in April 2012 in the supposed scheme. Bagwell was paid back his full principal investment, plus a $7,600 profit. Despite Bagwell’s knowledge that these investments with Bryan Anderson were not authorized by Pruco Securities (and thus in violation of FINRA rules), FINRA alleged that Bagwell failed to notify Pruco of these purported investments. For these reasons, FINRA barred Bagwell from being a supervisor or principal, fined him $25,000, required him to disgorge his $7,600 profit, and suspended him in all capacities for 30 days.
Terry Joe Bagwell is a financial advisor and registered representative of Pruco Securities from October 2011 to the present. Bagwell and Bryan Wayne Anderson worked at a Pruco branch office at 1800 International Park, Suite 200, Birmingham, Alabama. Bagwell and Anderson are both now the subject of numerous arbitration claims regarding this conduct.
Brokerage firms like Pruco Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our attorneys have represented hundreds of investors who have been defrauded by their financial advisor or stockbroker. While we have offices in Denver and the Seattle area, we have also previously represented numerous clients in Alabama. If you have lost money with Bryan Wayne Anderson, Terry Bagwell, or Pruco Securities and want to hear about ALL legal options, please visit https://www.israelsneuman.com or call us at 720-599-3505.
Click to view FINRA AWC: Bagwell FINRA AWC