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Recent Posts in Churning Category

FINRA Bars Timothy Ballard for Failing to Cooperate with Investigation

FINRA barred Danville, California broker Timothy David Ballard after he failed to respond to a request for information, and subsequently failed to request termination of a FINRA-imposed suspension. ...
Continue reading "FINRA Bars Timothy Ballard for Failing to Cooperate with Investigation" »

FINRA Investigating Joseph Farah for Churning, Suitability, Undisclosed Outside Business Activities, Misrepresentations

FINRA charged Gold Coast Securities (Irvine, CA) broker Joseph C Farah with churning, excessive trading, suitability, undisclosed outside business activities, material misrepresentations, and ...
Continue reading "FINRA Investigating Joseph Farah for Churning, Suitability, Undisclosed Outside Business Activities, Misrepresentations" »

Complaint Alleges Kelly Althar's Unsuitable and Excessive Trading Caused $187,000 Loss in Elderly Client's Accounts

FINRA filed a complaint alleging that former Financial West Group (San Francisco) and Paulson Investment Company (Novato, CA) broker Kelly Clayton Althar made unsuitable recommendations and ...
Continue reading "Complaint Alleges Kelly Althar's Unsuitable and Excessive Trading Caused $187,000 Loss in Elderly Client's Accounts" »

Christopher Ariola Charged with Unsuitable Energy Recommendations to Elderly Clients, Undisclosed Trading

A complaint filed against Christopher Basile Ariola, formerly of Bay Mutual Financial in Santa Monica and Financial Telesis, Inc. of Aliso Viejo, California, accuses the SoCal broker of making a ...
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Hank Werner Charged with Fraudulent Churning, Excessive Trading, Unsuitable VA Recommendation Against Elderly, Blind Widow

FINRA filed a complaint against former Liberty Partners Financial Services (Bakersfield, CA) and Legend Securities (New York) broker Henry "Hank" Mark Werner alleging securities fraud for ...
Continue reading "Hank Werner Charged with Fraudulent Churning, Excessive Trading, Unsuitable VA Recommendation Against Elderly, Blind Widow" »

Victor Michel Sanctioned for Using Personal E-Mail, Failure to Retain Correspondence, Settling Complaint Without Notifying Firm

FINRA fined and suspended Victor Michel, formerly of Financial West Group in Westlake Village, CA, for using his personal non-firm e-mail account for correspondence with a firm customer concerning ...
Continue reading "Victor Michel Sanctioned for Using Personal E-Mail, Failure to Retain Correspondence, Settling Complaint Without Notifying Firm" »

FINRA Bars Retirement Income Planner Nathan Silva for Failing to Cooperate with Misconduct Investigation

FINRA barred former Ameritas Investment Corp. broker Nathan Silva for his failure to cooperate with an investigation into several instances of misconduct, including an Ameritas charge that he ...
Continue reading "FINRA Bars Retirement Income Planner Nathan Silva for Failing to Cooperate with Misconduct Investigation" »

Equinox Securities, Stephen Oliveira & Chris Palkowitsh Barred for Excessive Trading & Churning in Customer Accounts, IRAs

FINRA sanctioned Equinox Securities of Redlands, California, and barred brokers Stephen Michael Oliveira and Chris Blain Palkowitsh for misconduct related to Palkowitsh's excessive trading and ...
Continue reading "Equinox Securities, Stephen Oliveira & Chris Palkowitsh Barred for Excessive Trading & Churning in Customer Accounts, IRAs" »

Bahram Mirhashemi Barred for Churning, Excessive Trading & Unsuitable Sales to Elderly Clients Resulting in Losses

FINRA barred former Accelerated Capital Group (Irvine, California) broker Bahram Mirhashemi for churning and making excessive and unauthorized trades in customer accounts, including those belonging to ...
Continue reading "Bahram Mirhashemi Barred for Churning, Excessive Trading & Unsuitable Sales to Elderly Clients Resulting in Losses" »

SEC Bars of Ralph Calabro, Jason Konner, and Dimitrios Koutsoubos for Churning

The SEC permanently barred JP Turner & Co. brokers Ralph Christopher Calabro, Jason Ivan Konner, and Dimitrios Koutsoubos for willfully churning customer accounts and ordered fines and ...
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FINRA Bars or Suspends 10 Cockroach Brokers at Global Arena Capital Corp. for Misleading Pitches, Churning, and Other Misconduct

FINRA is cracking down at firms such as Global Arena Capital Corp. which hire troubled brokers who move from one risky firm to another. The practice, known as "cockroaching" or "broker ...
Continue reading "FINRA Bars or Suspends 10 Cockroach Brokers at Global Arena Capital Corp. for Misleading Pitches, Churning, and Other Misconduct" »

Glenn Moffitt Barred Over Allegations He Converted Over $370,000 from Elderly Customer, Churned His Accounts

FINRA barred former broker Glenn Allen Moffitt of Henderson, Nevada over a customer dispute filed in Nevada's Clark County alleging that Moffitt misappropriated several hundreds of thousands of ...
Continue reading "Glenn Moffitt Barred Over Allegations He Converted Over $370,000 from Elderly Customer, Churned His Accounts" »

Caldwell International Securities Corp's Rasheed "Richard" Adams Barred for Churning, Excessive Trading

FINRA barred former Caldwell International Securities Corp. broker Rasheed "Richard" Aree Adams for unsuitable excessive trading and churning in customer accounts and in a manner ...
Continue reading "Caldwell International Securities Corp's Rasheed "Richard" Adams Barred for Churning, Excessive Trading" »

Michael J. Strasser, a Broker with 22 Disclosures, Fined & Suspended for Failure to Disclose Judgment

FINRA suspended Michael Jay Strasser (CRD# 1456856), formerly of Mill Valley, California's Financial West Group, and fined him $2500 for failing to disclose a judgment against him on multiple ...
Continue reading "Michael J. Strasser, a Broker with 22 Disclosures, Fined & Suspended for Failure to Disclose Judgment" »

With 14 Pending Customer Disputes Alleging Misrepresentation and False Statements in Variable Annuity Transactions, FINRA Files Complaint Against Anthony Diaz

After 14 customers filed separate disputes alleging misrepresentation and falsification of statements and records in variable annuity (VA) transactions, FINRA filed a complaint against broker Anthony ...
Continue reading "With 14 Pending Customer Disputes Alleging Misrepresentation and False Statements in Variable Annuity Transactions, FINRA Files Complaint Against Anthony Diaz" »

OC's Robert Klein, Other Brokers with History of Disciplinary 'Red Flags' Flocking to Hotspots for Misconduct, Elderly Investors

Unscrupulous brokers with histories of various misconduct are swarming to hotspots across the nation that feature populations of elderly and wealthy investors, according to a recent study by The Wall ...
Continue reading "OC's Robert Klein, Other Brokers with History of Disciplinary 'Red Flags' Flocking to Hotspots for Misconduct, Elderly Investors" »

NSM Securities, Bhasin, Bhagwani & Balchandani Disciplined for Supervisory, Suitability and Compliance Failures, Churning and Unauthorized Trading Activity

FINRA permanently barred NSM Securities, Inc. broker Shondeep S. Balchandani for multiple violations of FINRA, NASD and SEC rules and laws, naming NSM's President and CEO Niyukt R. Bhasin and ...
Continue reading "NSM Securities, Bhasin, Bhagwani & Balchandani Disciplined for Supervisory, Suitability and Compliance Failures, Churning and Unauthorized Trading Activity" »

Massachusetts Charges Christopher Veale for Abusive Sales Practices & Churning in Elderly Client's Account

Massachusetts Secretary of the Commonwealth William F. Galvin charged former Brookville Capital Partners LLC broker Christopher Frederic Veale for allegedly engaging in abusive sales practices ...
Continue reading "Massachusetts Charges Christopher Veale for Abusive Sales Practices & Churning in Elderly Client's Account" »

SEC: Small Violations Can Lead to Strong Enforcement, Sanctions, and Fines

The Securities and Exchange Commission is turning to a new Enforcement strategy: zero in on minor infractions in order to stop large violations from occurring later on. SEC Chairman Mary Jo ...
Continue reading "SEC: Small Violations Can Lead to Strong Enforcement, Sanctions, and Fines" »

SEC Upholds FINRA Decision Banning Former Firm Founder Carl Birkelbach for Failure to Supervise

After FINRA suspended Birkelbach Investment Securities, Inc. founder Carl Max Birkelbach for six months and fined him $25,000 for failing to supervise a broker who engaged in a series of excessive ...
Continue reading "SEC Upholds FINRA Decision Banning Former Firm Founder Carl Birkelbach for Failure to Supervise" »

Bill Alvin Ahlswede Fined and Suspended for False Information, Failing to Disclose Complaint Alleging Churning and Fraud

FINRA suspended Metlife Securities, Inc. associate Bill Alvin Ahlswede of Menifee, California for failing to disclose a complaint when he filed his industry-mandated Form U4. Similarly, FINRA charged ...
Continue reading "Bill Alvin Ahlswede Fined and Suspended for False Information, Failing to Disclose Complaint Alleging Churning and Fraud" »

FINRA Complaint Alleges Harry Ward Hunt Engaged in Excessive and Unsuitable Trading, Resulting in Commissions Paid to Broker

The Financial Industry Regulatory Authority (FINRA) filed a complaint against broker Harry Ward Hunt, alleging that between June 2009 and May 2010, Hunt engaged in excessive and quantitatively ...
Continue reading "FINRA Complaint Alleges Harry Ward Hunt Engaged in Excessive and Unsuitable Trading, Resulting in Commissions Paid to Broker" »

Terminated Morgan Stanley Risk Officer Claims Retaliatiory Firing for Whistleblowing

After losing his job in April, former Morgan Stanley Smith Barney LLC risk officer, Clifford Jagodzinski, accused his firm of firing him in retaliation for exposing a high-profile Morgan Stanley ...
Continue reading "Terminated Morgan Stanley Risk Officer Claims Retaliatiory Firing for Whistleblowing" »

FINRA'S Office of Hearing Officers Issues Decision Barring Broker Alan Jay Davidofsky

After hearing arguments from FINRA's Department of Enforcement and broker Alan J. Davidofsky, the Office of Hearing Officers issued a decision against Davidofsky, ordering him barred from the ...
Continue reading "FINRA'S Office of Hearing Officers Issues Decision Barring Broker Alan Jay Davidofsky" »
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