Thomas Edward Andrews Allegedly Suggested to Clients that They Liquidate Other Investments and Put Money in “the Jackson Trust”
Thomas Edward Andrews allegedly started persuading that his clients that they liquidate their other investments and invest in “the Jackson Trust”, according to an SEC Complaint currently under review by attorney Alan Rosca.
Attorney Alan Rosca, of the RoscaLaw LLC firm, is investigating activity 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 attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Andrews allegedly organized a bank account called the “Jackson Trust” at a local credit union, and he himself was the trustee and sole signatory, the Complaint reports. In reality, however, the so-called “Jackson Trust” allegedly did not exist and Andrews was misappropriating his clients’ funds for personal use, the Complaint reports.
Thomas Edward Andrews, according to the SEC Complaint, allegedly only deposited the investors’ checks into the aforementioned accounts, and, over a period of time, purportedly transferred the funds to his own account at the same credit union without the knowledge of his investors. Thomas Edward Andrews also allegedly never made transfers of his investors’ funds to any legitimate investment, the Complaint reports.
Andrews also allegedly concealed his activity related to the Jackson Trust from his supervisor at York & Associates and from LPL, and also allegedly made statements to his investors that the Jackson Trust provided 6 to 8.5% annual returns, the Complaint states. Thomas Andrews also allegedly promised investors that the investment was of a “guaranteed” nature and also told a few investors specifically that the investment was guaranteed by LPL, the Complaint notes.
Andrews, for example, allegedly made statements to another investor that he also had special access to this particular opportunity because of his contacts with certain so-called “capital companies”, the SEC Complaint notes.
A high percentage of Andrews’ alleged victims were people he had previously known while growing up in Nephi, Utah, and many of the individuals had first been clients of a tax, accounting and bookkeeping business run by Andrews’ father, the SEC Complaint notes.
Thomas Edward Andrews and Scott Walter Christensen, directly and indirectly, singly and in concert, have also allegedly made use of the means of interstate commerce and the mails in connection with the transactions, acts and courses of business alleged herein, most of which have occurred within Utah, the Complaint reports.
Thomas Edward Andrews Allegedly Convinced 23 Investors to Put $8.38 million of Savings & Retirement Funds into Two Investments, “the Jackson Trust” & “the Lincoln”
Thomas Andrews, from 2010 through the autumn of 2015, with the alleged knowing assistance of Scott Walter Christensen, allegedly lured 23 investors to put savings and retirement funds into two investments, “the Jackson Trust” and “the Lincoln”, according to the aforementioned SEC Complaint currently under review by attorney Alan Rosca.
Thomas Edward Andrews allegedly went after investors who were financially unsophisticated and residents of a small rural Utah community, according to the aforementioned SEC Complaint.
Thomas Edward Andrews, a former LPL Financial representative who was employed as an independent contractor by Gary A. York & Associates of Salt Lake City, an office of supervisory jurisdiction of LPL Financial, allegedly made statements to his investors that they were making financial investments, the Complaint reports.
Andrews, however, was allegedly making misappropriations of investor funds for his own use and the purported aforementioned scheme brought in approximately $8.38 million, the Complaint notes.
Securities Lawyer Investigating
The RoscaLaw firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Thomas Edward Andrews’ alleged investment fraud. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.
Investors who believe they lost money as a result of Thomas Edward Andrews’ alleged investment fraud may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage.