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Blog Posts in August, 2013

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" »

Morgan Stanley Fined $1 Million, Ordered to Pay $188,000 in Restitution for Bond Pricing Failure

FINRA fined Morgan Stanley $1 million and ordered the firm pay $188,000 in restitution to customers the industry says were adversely impacted by Morgan Stanley's failure to conduct adequate due ...
Continue reading "Morgan Stanley Fined $1 Million, Ordered to Pay $188,000 in Restitution for Bond Pricing Failure" »

FINRA Issues Investor Alert over Marijuana Stock Scams

FINRA issued an Investor Alert Tuesday regarding a new crop of nefarious schemes involving marijuana stocks, a financial product related to medical marijuana, which is legal in 20 states. According to ...
Continue reading "FINRA Issues Investor Alert over Marijuana Stock Scams" »

Jon Eric Guay Barred for False Representations, Improper Use and Conversion of $225,000 in Customer Funds

FINRA barred broker Jon Eric Guay of San Jose, California for converting $225,000 from multiple elderly customers through false representations and for his own personal use. FINRA Case #20130355779-01 ...
Continue reading "Jon Eric Guay Barred for False Representations, Improper Use and Conversion of $225,000 in Customer Funds" »

Christian Joel Brand Suspended for Soliciting $510,000 Investment from Elderly, Unsuitable Customer for Failed Project

FINRA suspended former Wallstreet E broker Christian Joel Brand for approaching and soliciting a $510,000 investment from an elderly customer suffering from dementia. Disciplinary Proceeding ...
Continue reading "Christian Joel Brand Suspended for Soliciting $510,000 Investment from Elderly, Unsuitable Customer for Failed Project" »

Former Broker John Brady Guyette Convicted on 15 Securities Fraud Felony Counts

Former Community Bankers Securities, LLC Senior Vice President and stock broker John Brady Guyette was found guilty of felony securities fraud after advising customers to invest in Anaheim, ...
Continue reading "Former Broker John Brady Guyette Convicted on 15 Securities Fraud Felony Counts" »

A Survey of Reverse Convertible Risks as Bank of America Takes Structured Note Sales Title

As Bank of America flies into the structured note sales lead amongst US investment firms with $3.28 billion of issuance with $3.04 billion (94%) linked to equities, an overview of the risks associated ...
Continue reading "A Survey of Reverse Convertible Risks as Bank of America Takes Structured Note Sales Title" »

FINRA Accuses TNP's Tony Thompson of Defrauding Investors, Failing to Pay Out Promissory Notes

FINRA filed a complaint against broker-dealer Tony Thompson and his firm Thompson National Properties LLC ("TNP"), alleging deception and fraudulent practices related to TNP's high-yield ...
Continue reading "FINRA Accuses TNP's Tony Thompson of Defrauding Investors, Failing to Pay Out Promissory Notes" »

Christopher Michael Bones, David Shelton Brown, Jr. Fined & Suspended in Separate Instances of Unauthorized Discretionary Trading

FINRA suspended broker Christopher Michael Bones and fined him $5,000 for allegedly placing trades in customer accounts without notifying customers and in violation of firm policy. FINRA Case ...
Continue reading "Christopher Michael Bones, David Shelton Brown, Jr. Fined & Suspended in Separate Instances of Unauthorized Discretionary Trading" »

FINRA Alert: Beware Cold Calls from Brokerage Firm Imposters, New Phishing Schemes

FINRA issued an Investor Alert on August 6, 2013, warning investors of unsolicited or "cold" telephone calls from persons professing to represent an investment firm. It warns that the person ...
Continue reading "FINRA Alert: Beware Cold Calls from Brokerage Firm Imposters, New Phishing Schemes" »

Sunset Financial Fined $200,000, plus $84,253 in Partial Restitution Ordered for Supervisory Failures

FINRA fined Sunset Financial Services, Inc. $200,000 and ordered disgorgement of $84,253 in gross dealer concessions and due diligence fees for alleged supervisory failures related to private ...
Continue reading "Sunset Financial Fined $200,000, plus $84,253 in Partial Restitution Ordered for Supervisory Failures" »

Oppenheimer Fined $1.4 Million for Sale of Unregistered Penny Stocks and Anti-Money Laundering Violations

FINRA fined Oppenheimer and Co., Inc. $1,425,000 after finding that Oppenheimer sold more than a billion shares of 20 unregistered penny stocks. Oppenheimer was also sanctioned for failure to ...
Continue reading "Oppenheimer Fined $1.4 Million for Sale of Unregistered Penny Stocks and Anti-Money Laundering Violations" »

FINRA Arbitration Panel Orders Citigroup to Pay $10.75 Million for Overconcentration Negligence and Failure to Supervise

A FINRA arbitration panel ordered Citigroup Inc. to pay $10.75 million to an investor who claimed former broker Edward James Mulcahy was grossly negligent and that the firm's branch manager failed ...
Continue reading "FINRA Arbitration Panel Orders Citigroup to Pay $10.75 Million for Overconcentration Negligence and Failure to Supervise" »

Yield-Enhanced Structured Products May Harm Investors As They Help Brokers

Over the past few years, yield-enhanced structured products have been marketed to older investors as a way to increase potential payouts in exponential fashion. However, these same products have ...
Continue reading "Yield-Enhanced Structured Products May Harm Investors As They Help Brokers" »
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