SEC v. Joseph Michael Todd, Todd Financial Services, LLC and TFS Insurance Services LLC (2023)

Settled

Checked against the primary document on October 3, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In July 2023 the SEC announced a settlement with Joseph Michael Todd, Todd Financial Services, LLC and 1 other. The complaint alleges that Todd, a former registered representative, took at least $3 million from at least 20 brokerage customers, many of them seniors, kept it for personal use and forged account statements; Ponzi-like payments to one customer are a minor allegation. All three defendants consented to injunctions and an officer-and-director bar, with money relief to be set by the court.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-25777
Date filed	2023-07-13
Date resolved	2023-07-13
Status	settled
Criminal parallel	No
Bars imposed	conduct-based injunction, officer-and-director bar
Defendants	Joseph Michael Todd (individual) ; Todd Financial Services, LLC (entity) ; TFS Insurance Services LLC (entity)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: —
Disgorgement: —
Prejudgment interest: —
Total relief: —
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on July 13, 2023 as release LR-25777. The complaint alleges that Todd, a former registered representative, took at least $3 million from at least 20 brokerage customers, many of them seniors, kept it for personal use and forged account statements; Ponzi-like payments to one customer are a minor allegation. All three defendants consented to injunctions and an officer-and-director bar, with money relief to be set by the court.

This library does not tag the matter as a Ponzi scheme: on a source check, the document mentions Ponzi-like payments only in passing, or as part of another party's scheme, and the charges are about something else. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

Non-monetary relief recorded: conduct-based injunction, officer-and-director bar.

Timeline

2023-07-13 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.