Anderson was a registered broker with MetLife Securities from 1998 to February 2012 and with Pruco Securities until he was fired in September of the same year. In 2003 Anderson had formed a new company called 360 Properties, through which he began developing residential real estate, such as Bessemer's Sterling Lakes subdivision. In 2009 he began to solicit backers for that company's real estate investments, but never invested the funds in actual projects. He deposited approximately $8.4 million into a personal account at BancorpSouth which he had collected from 14 victims, who lost $3.1 million in the process.
After a complaint was made to the Hoover Police Department, the case was investigated by the Alabama Securities Commission, the FBI Birmingham Field Office, and the U.S. Attorney's Office for the Northern District of Alabama. Anderson was indicted on December 29, 2014 and agreed to a plea deal, returning $3.1 million to his victims, surrendering $3.4 million to the U.S. Justice Department, and serving a minimal jail sentence.