The Financial Industry Regulatory Authority (FINRA) permanently barred California registered principal Timothy David Cochrane from association with any member firm after Cochrane was found to have made false representations, converted clients' funds for his own use, and altered documents to hide his wrong-doing.
FINRA Case #2011026817301
Doing business as Cochrane & Associates Wealth Management Services, FINRA found that Cochrane persuaded several customers to write large checks—up to $450,000—by promising the investors that his firm would invest the money in variable annuities and money market funds.
FINRA found that between 2008 and 2009, Cochrane lied to his customers. Instead of investing their money as promised, Cochrane deposited the funds in his personal bank account and converted the funds to personal use, including payment of personal expenses.
In addition, FINRA found that Cochrane fabricated documents for his clients regarding the status of their so-called investments in order to suppress their suspicions. With one client, FINRA found that Cochrane prepared a fraudulent customer planning document with an entry showing a $452,757.25 balance in the customer's account consisting of the $450,000 initial "investment" and a phony gain of $2,757.25.
If you suspect a firm or broker has engaged in highly questionable, unethical or illegal practices, such as theft or forgery of documents related to your securities accounts or investments, please call The Law Offices of Jonathan W. Evans & Associates at
818-760-9880 for an investigation and consultation.