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Securities Fraud Blog

Securities Fraud Blog

'Volatility Virus' XIV Devastated Wall Street and Ravaged Private Investors as Uninformed Brokers Took on Too Much Risk

Bemoaning the "volatility virus" known as XIV—or Credit Suisse's VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note—the Financial Times shed the spotlight on an ...
Continue reading "'Volatility Virus' XIV Devastated Wall Street and Ravaged Private Investors as Uninformed Brokers Took on Too Much Risk" »

Fifth Third Securities to Pay $6 Million for Variable Annuity Suitability and Disclosure Failures

FINRA fined Fifth Third Securities $4 million and ordered $2 million in restitution for suitability and related failures pertaining to the firm's variable annuity (VA) business. According to ...
Continue reading "Fifth Third Securities to Pay $6 Million for Variable Annuity Suitability and Disclosure Failures" »

Troubled LPL Financial to Pay $26 Million for Selling Unregistered, Non-Exempt Securities

LPL Financial reached settlement with the North American State Securities Administrators Association (NASAA) to pay nearly $26 million in fines and penalties for selling unregistered securities not ...
Continue reading "Troubled LPL Financial to Pay $26 Million for Selling Unregistered, Non-Exempt Securities" »

Joseph Pratte Barred After Outside Business Activities Investigation

FINRA barred longtime Riverside area broker Joseph Glenn Pratte for refusing to provide requested information related to a review of his outside business activities, thus capping off a 35-year career ...
Continue reading "Joseph Pratte Barred After Outside Business Activities Investigation" »

James and Lorraine Conaway Sanctioned for Real Estate Outside Business Activity Violations, Disclose Failures

FINRA fined and suspended James "Jim" Otis Conaway and Lorraine Annette Campbell Conaway aka Lorraine Annette Espinoza for violations related to Tycon Properties, a real estate company the ...
Continue reading "James and Lorraine Conaway Sanctioned for Real Estate Outside Business Activity Violations, Disclose Failures" »

Ex-Morgan Stanley Rep Arthur Robert Meunier-Breitman Sanctioned for Tezos Crypto-Blockchain Violations, Illicit Solicitations, and Using Assumed Name

Having listed cryptocurrency in its 2018 Regulatory and Examination Priorities Letter, FINRA sanctioned broker Arthur Robert Meunier-Breitman, formerly of Morgan Stanley, for violations related to ...
Continue reading "Ex-Morgan Stanley Rep Arthur Robert Meunier-Breitman Sanctioned for Tezos Crypto-Blockchain Violations, Illicit Solicitations, and Using Assumed Name" »

Wells Fargo Filing Admits Investigation into 401(k)-to-IRA Rollover Recommendations

Wells Fargo announced its Board of Directors is reviewing whether the firm made inappropriate referrals or recommendations in regards to 401(k) plan participants, alternative investments, or other ...
Continue reading "Wells Fargo Filing Admits Investigation into 401(k)-to-IRA Rollover Recommendations" »

OHO Decision Barring Richard Tabizon For Altered Compliance Forms, Lying to FINRA, Personal E-mail Use Becomes Final

An appealed disciplinary decision barring Richard Daniel Tabizon II of Rosemead, California from the securities industry became final, affirming FINRA's decision to expel Tabizon for directing a ...
Continue reading "OHO Decision Barring Richard Tabizon For Altered Compliance Forms, Lying to FINRA, Personal E-mail Use Becomes Final" »

Complaint Charges Charles Laverty with Unauthorized $1.3 Million Loan from Elderly Couple, Failure to Repay, and Related False Statements

FINRA Enforcement filed a complaint against Southern California broker Charles Acheson Laverty, alleging that while associated with a series of Orange and Riverside County firms, he improperly ...
Continue reading "Complaint Charges Charles Laverty with Unauthorized $1.3 Million Loan from Elderly Couple, Failure to Repay, and Related False Statements" »

FBI Arrests Ex-Ameriprise Broker Li Lin Hsu for Fraud, Stealing from Clients

FBI agents arrested former Ameriprise Financial Services representative Li Lin Hsu of Diamond Bar, California and charged her with mail fraud, wire fraud, obstruction of justice, and money laundering. ...
Continue reading "FBI Arrests Ex-Ameriprise Broker Li Lin Hsu for Fraud, Stealing from Clients" »

David Ingle Sanctioned for Misleading Proof of Funds Letters

FINRA fined and suspended former Merrill Lynch (Mesa, AZ) broker David W. Ingle for drafting and issuing two proof of funds (POF) letters that contained misleading statements over matters of tens and ...
Continue reading "David Ingle Sanctioned for Misleading Proof of Funds Letters" »

Merrill Lynch Broker Jonathan Belden Fined & Suspended for Unauthorized Use of Discretion, Trading Restricted Security

FINRA suspended Jonathan Russell Belden, formerly a broker at Merrill Lynch's Oakland branch, for effecting at least 200 discretionary trades in client accounts without written permission to do ...
Continue reading "Merrill Lynch Broker Jonathan Belden Fined & Suspended for Unauthorized Use of Discretion, Trading Restricted Security" »

Dallas York Barred for Refusing to Cooperate with Investigation into Unauthorized Withdrawal of Customer Funds

FINRA barred former Wells Fargo Clearing Services broker Dallas Richardson York of Arizona after he failed to provide requested information and documents to FINRA during the course of an investigation ...
Continue reading "Dallas York Barred for Refusing to Cooperate with Investigation into Unauthorized Withdrawal of Customer Funds" »

Kevin J Lee Barred Following Investigation into Undisclosed Business Activity

FINRA barred Kevin James Lee, formerly of Martin Nelson & Co, Inc. in Lake Oswego, Oregon, for failing to provide requested documents and information in connection with FINRA's investigation ...
Continue reading "Kevin J Lee Barred Following Investigation into Undisclosed Business Activity" »

Park Avenue Securities Fined $300,000 in Variable Annuities Supervision Investigation

FINRA censured and fined Park Avenue Securities $300,000 for failing to adequately supervise variable annuity (VA) exchanges, including VA contracts and multi-share class VAs, finding that the ...
Continue reading "Park Avenue Securities Fined $300,000 in Variable Annuities Supervision Investigation" »

Brent Lott Fined & Suspended for False Documentation Scheme in Connection with Heinz VA Ponzi

FINRA fined and suspended former LPL Financial (Orem, UT) broker Brent Van Lott for purportedly facilitating a non-registered individual, Steven Heinz, in effecting variable annuities (VA) and mutual ...
Continue reading "Brent Lott Fined & Suspended for False Documentation Scheme in Connection with Heinz VA Ponzi" »

Wells Fargo Wealth Management Investigated for Unsuitable Investments, Self-Dealing

With Wells Fargo's credit card and savings divisions already disciplined by the Federal Reserve over a fake account scandal during which the bank opened bogus accounts on behalf of its customers, ...
Continue reading "Wells Fargo Wealth Management Investigated for Unsuitable Investments, Self-Dealing" »

Laura Ortega Shean Barred for Converting $124,000 in Client Funds to Pay Personal Tax Bills

FINRA barred former LPL Financial principal Laura Ortega Shean aka Laura Ortega Provost of Medford, Oregon, after finding that she converted $124,000 in customer funds to pay her personal tax bills. ...
Continue reading "Laura Ortega Shean Barred for Converting $124,000 in Client Funds to Pay Personal Tax Bills" »

In Wake of Unsuitable Recommendations Action, FINRA Bars Lawrence John Fawcett for Failing to Cooperate with Outside Business Activities Investigation

Months after serving a suspension and paying fines and disgorgment to settle charges that he unsuitably recommended mutual funds in a customer's IRA account, FINRA barred former Westpark Capital, ...
Continue reading "In Wake of Unsuitable Recommendations Action, FINRA Bars Lawrence John Fawcett for Failing to Cooperate with Outside Business Activities Investigation" »

SEC Charges Wedbush Securities with Failing to Supervise Timary Delorme in Penny Stock Market Manipulation Scheme

Having issued southern California broker Timary Ann Delorme aka Timary Kennally Koller a cease-and-desist order and ordering $50,000 in civil penalties for her involvement in Izak Zirk Engelbrecht aka ...
Continue reading "SEC Charges Wedbush Securities with Failing to Supervise Timary Delorme in Penny Stock Market Manipulation Scheme" »

Lisa Piazza Fined & Suspended for Failure to Disclose Criminal Conviction

FINRA fined and suspended former Morgan Stanley (Roseville, CA) broker and supervisor Lisa C. Piazza aka Lisa C. Adamo or Lisa C. Rogers for willfully failing to disclose a burglary charge and ...
Continue reading "Lisa Piazza Fined & Suspended for Failure to Disclose Criminal Conviction" »

Phillip Tibbetts Fined & Suspended for Accepting Unauthorized Loan from Customer

FINRA fined and suspended Phillip Paul Tibbetts for accepting a loan from a customer at Pruco Securities of San Diego without notifying nor receiving authorization from Pruco. Firm policy at the time ...
Continue reading "Phillip Tibbetts Fined & Suspended for Accepting Unauthorized Loan from Customer" »

SEC Fines LA-Based Electronic Transaction Clearing $80,000, Issues Cease-And-Desist Order for Margin Securities Failures

The Securities and Exchange Commission initiated cease-and-desist proceeding against Electronic Transaction Clearing, LLC of Los Angeles, finding that the firm moved tens of millions of dollars in ...
Continue reading "SEC Fines LA-Based Electronic Transaction Clearing $80,000, Issues Cease-And-Desist Order for Margin Securities Failures" »

Michael Hurtgen Sanctioned for Soliciting Raymond James Customers to Invest Away from Firm

FINRA fined and suspended former Raymond James Financial Services broker and registered supervisor Michael Murphy Hurtgen for soliciting firm customers to invest in private placements away from the ...
Continue reading "Michael Hurtgen Sanctioned for Soliciting Raymond James Customers to Invest Away from Firm" »

David Barber's Unauthorized Trades Prompts FINRA Bar, $2 Million Churning Award

FINRA barred former Madison Avenue Securities (San Diego, CA) broker David Lloyd Barber after finding he exercised discretion and effected unauthorized trades in customer accounts. The bar follows a ...
Continue reading "David Barber's Unauthorized Trades Prompts FINRA Bar, $2 Million Churning Award" »
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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
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Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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