Report: Investment Broker in Florida Who Stole Approximately $3 Million from Investors has Been Arrested
According to a report from WFLA News Channel 8, Joseph Michael Todd—an investment broker from Citrus County—has been arrested after allegedly stealing approximately $3 million from investors. Authorities contend that Mr. Todd used the funds on personal expenses, lavish luxury purchases, gambling, and adult entertainment. Here, our Miami investor rights attorney discusses the allegations raised in this case.
Allegations: Broker Stole Money from Investors in Florida
The Securities and Exchange Commission (SEC) has charged Joseph Michael Todd, a former Florida securities broker, for defrauding senior and disabled clients out of approximately $3 million. The misconduct reportedly occurred between 2016 to 2022. The SEC alleges that Todd misdirected funds from about twenty clients under the guise of investing them, while actually using the money for his personal expenses. On April 9th, 2024, Joseph Michael Todd was arrested in Florida. He is still also subject to civil action.
SEC and FINRA Barred Former Centaurus Financial Broker Joseph Michael Todd in 2023
Joseph Michael Todd (CRD#: 1830390) is a previously registered broker and investment adviser. From August of 2016 to April of 2022, Mr. Todd was a representative of Centaurus Financial, Inc. in Crystal River, Florida. In the Spring of 2022, Mr. Todd was separated from his member firm (Centaurus Financial) after allegations of serious misconduct. The initial allegations involved unauthorized, undisclosed private securities transactions (selling away).
In April of 2023, the Financial Industry Regulatory Authority (FINRA) permanently barred Joseph Michael Todd from associating with any brokerage firm in any capacity. He was barred by FINRA for refusing to cooperate with an investigation into the allegations against him. Subsequently, in August of 2023, Mr. Todd was permanently barred from the securities industry by the SEC as part of a civil case that was brought against him in federal court in Florida.
At Least Eight Investor Complaints are Still Outstanding
There are several investor complaints still outstanding involving Joseph Michael Todd and his former member firm Centaurus Financial, Inc. As of April of 2024, FINRA’s BrokerCheck tool indicates that eight different customer complaints are “pending.” The complaints all involve the alleged misappropriation of funds by this broker. Through the complaints, the affected investors are seeking financial compensation of between $50,000 and $900,000—with most claims being around $150,000. As noted previously, the SEC contends that most investors affected by this fraud scheme were elderly or otherwise vulnerable. Elder financial fraud remains a serious problem.
Get Help From an Investor Rights Advocate in Miami
At Carlson & Associates, P.A., we are a law firm that advocates for the rights and the interests of investors. You do not have to take on the claims process alone. If you or your family member suffered financial losses due to investment fraud, please do not hesitate to contact us today for a confidential consultation. Our firm has the experience needed to take on all types of elder investment fraud cases. We fight for investor rights in Florida and beyond.
Source:
wfla.com/news/local-news/citrus-county/florida-investment-broker-stole-3m-from-clients-spent-it-on-tractors-and-adult-entertainment-sec/
