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Securities Fraud Blog

Securities Fraud Blog

Frederick Holloway Barred for Improper Variable Annuity Exchange Recommendations & Dishonest Conduct

FINRA barred Frederick David Holloway of Holloway & Associates, Inc for improperly recommending unsuitable variable annuities (VA) exchanges to at least 39 clients, earning over $214,000 in ...
Continue reading "Frederick Holloway Barred for Improper Variable Annuity Exchange Recommendations & Dishonest Conduct" »

FINRA Identifies 5 High-Price Issues in Unsuitable Variable Annuity Recommendations

In December 2018, FINRA's year-end Examination Findings Report FINRA identified five problems with industry-wide variable annuity sales related to how firms recommend these funds to customers. ...
Continue reading "FINRA Identifies 5 High-Price Issues in Unsuitable Variable Annuity Recommendations" »

Glendale Securities (Sherman Oaks) Brokers Sanctioned in Penny Stock Misconduct

FINRA sanctioned Glendale Securities, Inc. and brokers George Alberto Castillo, Paul Eric Flesche, and Albert Raymond Laubenstein of the firm's Sherman Oaks, California branch, and Huanwei Huang ...
Continue reading "Glendale Securities (Sherman Oaks) Brokers Sanctioned in Penny Stock Misconduct" »

Ed Matthes Barred After Misappropriation, Forged Account Statement Allegations

FINRA barred former Mutual of Omaha financial adviser Edward Earl "Ed" Matthes after he failed to cooperate with an investigation into allegations he misappropriated funds from clients and ...
Continue reading "Ed Matthes Barred After Misappropriation, Forged Account Statement Allegations" »

Ranking the 20 Large-Cap Mutual Funds and ETFs with the Worst One-Year Returns

Citing market turbulence, Financial Planning identified vulnerability in once-reliable large-cap funds and compiled a list of the 20 worst-performing large-cap mutual funds and ETFs, including ...
Continue reading "Ranking the 20 Large-Cap Mutual Funds and ETFs with the Worst One-Year Returns" »

JWE Investigating Brokers Who Sold Future Income Payments (FIP) in $300 Million Ponzi Scheme

In the wake of a federal grand jury's indictment of Future Income Payments and its owner Scott A. Kohn of Newport Coast, California for fraud over an alleged Ponzi scheme targeting pensioners and ...
Continue reading "JWE Investigating Brokers Who Sold Future Income Payments (FIP) in $300 Million Ponzi Scheme" »

Investors Seeking to Recover Losses from Unsuitable UBS' Yield Enhancement Strategy (YES)

In the wake of severe industry losses at the hands of volatility virus XIV, Credit Suisse's VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note, UBS' Yield Enhancement Strategy ...
Continue reading "Investors Seeking to Recover Losses from Unsuitable UBS' Yield Enhancement Strategy (YES)" »

Broker Bonuses and Forgivable Loans - When Brokers Place Personal Profits Above Client Interests, a William Mark Heiden Case Study

On the heels of FINRA's January 2019 complaint charging former Wedbush Securities broker William Mark Heiden of Southern California with unauthorized trading in elderly clients' brokerage ...
Continue reading "Broker Bonuses and Forgivable Loans - When Brokers Place Personal Profits Above Client Interests, a William Mark Heiden Case Study" »

Law Offices of Jonathan W. Evans & Associates Investigating Dennis Albert Mehringer for Suitability, Overconcentration into Risky Bonds

The Law Offices of Jonathan W. Evans & Associates is investigating FINRA broker Dennis Albert Mehringer Jr., formerly of Western International Securities in Pasadena, California, for ...
Continue reading "Law Offices of Jonathan W. Evans & Associates Investigating Dennis Albert Mehringer for Suitability, Overconcentration into Risky Bonds" »

Laguna Niguel's Craig Arsenault Barred for $5.7 Million Fraud of Atlas Capital Clients

Finding that Southern California investment adviser Craig Arsenault defrauded customers while associated with Atlas Capital Management, SEC staff barred Arsenault, writing that Arsenault committed his ...
Continue reading "Laguna Niguel's Craig Arsenault Barred for $5.7 Million Fraud of Atlas Capital Clients" »

NAC Affirms Amerprise Broker Jim Jinkook Seol's EB-5 Private Securities Transactions and Outside Business Activities Bar

After a FINRA OHO hearing panel barred Amerprise Financial Services broker Jim Jinkook Seol ( CRD #2876279 ) of the firm's Irvine, CA branch for selling away from the firm by soliciting $100 ...
Continue reading "NAC Affirms Amerprise Broker Jim Jinkook Seol's EB-5 Private Securities Transactions and Outside Business Activities Bar" »

Wedbush Pays $250k to Settle Supervision Failure Charge for SoCal Rep Timary Delorme's Pump-and-Dump Fraud

The SEC censured and ordered Wedbush Securities to pay a $250,000 penalty for failing to supervise broker Timary Delorme in Wedbush's Los Angeles office. In the twilight of her 40-year career with ...
Continue reading "Wedbush Pays $250k to Settle Supervision Failure Charge for SoCal Rep Timary Delorme's Pump-and-Dump Fraud" »

Sigma Financial Sanctioned for Deficient Non-Traditional ETF Supervisory System

FINRA fined Sigma Financial Corporation $100,000 for failing to establish, maintain, and enforce adequate an supervisory system and procedures related to the sales of leveraged, inverse, and ...
Continue reading "Sigma Financial Sanctioned for Deficient Non-Traditional ETF Supervisory System" »

SEC Joins FINRA in Barring Arrested WF Broker John Schmidt over Elder Fraud

Two months after his arrest for fraud and forgery in an alleged Ponzi scheme targeting "particularly vulnerable" clients, including elderly investors and those with diminished mental ...
Continue reading "SEC Joins FINRA in Barring Arrested WF Broker John Schmidt over Elder Fraud" »

Emanuel Avina Sanctioned for Impersonating Ameriprise Customers

FINRA fined and suspended former Ameriprise Financial Services broker Emanuel Omar Avina for impersonating several customers out of Ameriprise's City of Industry, California branch in phone calls ...
Continue reading "Emanuel Avina Sanctioned for Impersonating Ameriprise Customers" »

John Spach Barred for Trying to Settle Complaint Away from Firm

FINRA barred former Kestra Investment Services (Aliso Viejo, CA) broker John William Spach after he settled a customer dispute away from the firm and refused to cooperate with a subsequent ...
Continue reading "John Spach Barred for Trying to Settle Complaint Away from Firm" »

Disgraced Merrill Lynch Broker Thomas Buck Sentenced to 40 Months in Prison for Securities Fraud

One year after the SEC barred ex-Merrill Lynch and RBC Capital broker Thomas Joseph Buck from the securities industry (and three years after FINRA barred him for the same), a federal judge sentenced ...
Continue reading "Disgraced Merrill Lynch Broker Thomas Buck Sentenced to 40 Months in Prison for Securities Fraud" »

Michael Rappa Barred for $2.7 Million-worth of Woodbridge Ponzi Transactions

FINRA barred Foresters Equity Services (San Diego, CA) broker Michael John Rappa for soliciting investors to purchase promissory notes of Woodbridge Group of Companies and related real estate ...
Continue reading "Michael Rappa Barred for $2.7 Million-worth of Woodbridge Ponzi Transactions" »

20 Worst Bond Fund Returns of 2018 Feature Debt & Emerging Market Funds

Most of the 20 worst performing fixed-income funds in 2018 had three things in common: first, they trended toward significant holdings in corporate debt. Second, the funds held an average expense ...
Continue reading "20 Worst Bond Fund Returns of 2018 Feature Debt & Emerging Market Funds" »

Thomas E Burns Sanctioned for Alt Investment Mistakes at Crown Capital

FINRA fined and suspended Thomas Edward Burns III for a series of errors on Alternative Investment Forms while at Crown Capital Securities (Orange, CA) that resulted in customer complaints and caused ...
Continue reading "Thomas E Burns Sanctioned for Alt Investment Mistakes at Crown Capital" »

Broker-Dealers Still May Be Held Liable for Selling Away Losses: A Woodbridge Case Study

A recent InvestmentNews editorial illustrates that broker-dealers may still be liable for the actions of its brokers, even if the rogue broker sells away from the firm or otherwise engages non-clients ...
Continue reading "Broker-Dealers Still May Be Held Liable for Selling Away Losses: A Woodbridge Case Study" »

FINRA Charges Raymond James', Amerprise's Vincent Storms with Falsifying Reports to Prevent OBA Audit Follow-Up

FINRA filed a complaint alleging that former Raymond James and Ameriprise Financial Services broker Vincent Joseph Storms falsified data submitted to Raymond James related to branch audits, causing ...
Continue reading "FINRA Charges Raymond James', Amerprise's Vincent Storms with Falsifying Reports to Prevent OBA Audit Follow-Up" »

Complaint Alleges Shopoff Securities Fraudulently Sold $12.6 Million of Promissory Notes

FINRA's Department of Enforcement alleges that William Anthony "Bill" Shopoff, Stephen Robert Shopoff, and their firm, Shopoff Securities of Irvine, California fraudulently sold nearly ...
Continue reading "Complaint Alleges Shopoff Securities Fraudulently Sold $12.6 Million of Promissory Notes" »

Unauthorized Trading, Suitability, and Customer Abuse Complaints Catch Up to Wedbush's William Mark Heiden of Southern California

With 14 customer disputes and millions paid in settlements since 2015 surrounding allegations of unsuitable recommendations, unauthorized trading, overconcentration, abuse of margin, fraud, elder ...
Continue reading "Unauthorized Trading, Suitability, and Customer Abuse Complaints Catch Up to Wedbush's William Mark Heiden of Southern California" »

LPL Financial Sues Barred Ex-Broker Christopher Lossing over $292,000 Theft it Inadvertently Aided

Shortly after FINRA barred former LPL Financial broker Christopher Joseph Lossing for failing to cooperate with its investigation, we're learning why Lossing was in trouble to begin with, as LPL ...
Continue reading "LPL Financial Sues Barred Ex-Broker Christopher Lossing over $292,000 Theft it Inadvertently Aided" »
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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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