Posted July 19, 2023
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✓ Did you invest money with former Centaurus Financial investment professional Joseph Michael “Mike” Todd and/or his companies, Todd Financial Services, LLC (“TFS”) and TFS Insurance Services LLC (“TFS Insurance”)?
✓ Are you concerned about the recent securities fraud allegations brought by the Securities and Exchange Commission (“SEC”) against Mike Todd and his companies?
✓ Are you concerned about your investments with Mike Todd?
✓ Would you like your potential options for compensation or redress to be reviewed by an experienced team of investor lawyers?
If so, request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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Posted July 19, 2023
Investor rights lawyer Alan Rosca and his team at Rosca Scarlato LLC have been investigating potential investment loss recovery options on behalf of investors who are concerned they may have lost money invested in the TFS alleged scheme at the recommendation of Joseph Todd.
Public records under the review by attorney Alan Rosca and his colleagues reveal that Joseph Michael Todd, Todd Financial Services, and TFS Insurance Services LLC were accused of serious violations of the securities rules and regulations in a complaint filed by the Securities and Exchange Commission in the United District Court for the Middle District of Florida. The case is pending.
Mike Todd customers who believe they suffered losses as a result of their investments with him and/or his companies and who are interested to evaluate potential options to seek compensation and/or pursue claims may contact investor rights attorneys Alan Rosca and Paul Scarlato. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Attorneys Rosca and Scarlato have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of securities laws violations, including sales of unregistered securities, breach of fiduciary duty, and fraudulent conduct. They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful.
Joseph Todd customers who are concerned they may have suffered losses in connection to their investment may contact attorneys Alan Rosca or Paul Scarlato to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
In a litigation release issued on July 13, 2023, the SEC announced it filed civil charges against the Florida broker Joseph Michael “Mike” Todd for allegedly defrauding senior and disabled customers.
The Commission’s complaint alleges that between August 2016 and November 2022, Todd improperly raised $3 million from 20 customers of his former employer, Centaurus Financial, Inc.
The SEC further alleges Todd improperly directed his customers at Centaurus to write checks payable directly to Todd, Todd Financial Services and/or TFS Insurance Services, falsely representing the money will be invested in various securities. Instead, Todd allegedly commingled customers’ funds and purportedly used them to fund a lavish lifestyle, which included buying expensive real estate, boating, hunting, as well as casinos and adult entertainment, the complaint states.
Without admitting or denying SEC’s allegations, Todd, Todd Financial Services, and TFS Insurance Services have consented to injunctive relief, an officer-and-director bar against Todd, and agreed to pay disgorgement, prejudgment interest, and civil penalties, the quantum of which is yet to be determined by the court, the SEC’s litigation release notes.
Todd allegedly used his registered broker status to misappropriate customer funds.
The regulator notes that the marketing materials distributed by Todd, including his website, allegedly provided his Centaurus Financial email address and read “Securities and Advisory services offered through Centaurus Financial, Inc., member FINRA and SIPC.” In addition, Todd Financial Services was listed as a branch office of Centaurus Financial, providing the appearance that the TFS entities were affiliated with Centaurus.
Furthermore, some checks issued by Todd’s customers allegedly listed a specific security in the memo line, reportedly recommended by Todd. In other instances, customers were told their money will be invested in a registered closed-end fund that invested in collateralized loan obligations, or in variable index-linked annuities, the complaint alleges.
Some customers were allegedly offered the opportunity to invest in fictional investments, such as “CRTFS Mortgage Fund,” while other customers were allegedly told their money was sitting in clearing firm custody accounts to be invested in a future time. Unbeknownst to his alleged victims, Joseph Michael Todd allegedly failed to purchase any investments and instead spent the money for personal use, as previously noted.
Potential Compensation Claims
As of the date of this blog Todd’s FINRA Brokercheck page displays at least six customer dispute disclosures filed in the last eight months, in addition to three more filed earlier.
According to Todd’s Brokercheck page, he began his career at Raymond James back in 1988 where he stayed until late 1990. In October 1990 Todd joined IFG Network Securities where he spent the next five years. Then he was employed by Investors Capital Corp until January 2000 when he switched employers again and moved to Invest Financial Corporation. A year later Joseph ‘Mike’ Todd became registered with Edward Jones where he spent the next seven years, and after he returned to Investors Capital Corp, where he stayed until end of August in 2016.
Joseph Todd joined Centaurus Financial in August 2016 and was with the firm until he was discharged in July 2022. According to his Brokercheck disclosures, Centaurus was investigating whether Todd violated the firm’s policy in connection with selling away and receipt of customer funds allegations.
Investment fraud attorneys Alan Rosca and Paul Scarlato have developed a nationwide practice assisting investors around the country to seek compensation for their losses arising out of broker misconduct, investment fraud, and Ponzi schemes. They and their team are currently evaluating potential claims for compensation on behalf of any investors who may have suffered losses as a result of investing with Todd.
“Financial industry companies typically have a duty to monitor their operations and supervise their associated persons,” said attorney Rosca. When financial industry businesses fail in their duties, they may be held liable to victims of their associated persons, depending on the particular facts specific to each case, attorney Rosca indicated.
The Rosca Scarlato investor lawyers are preparing to take action on behalf of Todd customers who invested in TFS and/or TFS Insurance. Their goal is to supplement whatever recovery may be available from the SEC proceedings against Todd.
If you are concerned about your investments with Mike Todd, please contact attorneys Alan Rosca or Paul Scarlato for a free, no-obligation evaluation of your loss recovery options, toll-free at 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Joseph Mike Todd Investor Alert page is not affiliated with Joseph M. Todd, Centaurus, Todd Financial Services and/or Todd Insurance Services. There has not been an adjudication on the merits of the allegations in the cases referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
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