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Blog Posts in January, 2015

Oppenheimer to Pay $20 Million, Admit Guilt for Penny Stock Violations, Pump-and-Dump Schemes

The SEC and Treasury Department's Financial Crimes Enforcement Network issued parallel orders charging Oppenheimer & Co. with improper sales of penny stocks, including allegations of ...
Continue reading "Oppenheimer to Pay $20 Million, Admit Guilt for Penny Stock Violations, Pump-and-Dump Schemes" »

FINRA Fines, Suspends BMA Securities President Burt Martin Arnold for Compliance Failures

FINRA suspended BMA Securities President and owner Burt Martin Arnold of El Segundo, California for a series of compliance failures sustained by BMA while Arnold served in various compliance ...
Continue reading "FINRA Fines, Suspends BMA Securities President Burt Martin Arnold for Compliance Failures" »

Ex-UBS Broker Donna Jessee Tucker Barred, Convicted of Fraud for Stealing from Elderly in Ponzi-like Scheme

Former UBS Financial Services Inc. investment adviser Donna Jessee Tucker pled guilty to wire fraud and tax evasion in federal court, admitting that she stole up to $1 million from elderly clients. ...
Continue reading "Ex-UBS Broker Donna Jessee Tucker Barred, Convicted of Fraud for Stealing from Elderly in Ponzi-like Scheme" »

Kevin Luby Fined $25k, Suspended for Disclosure Failures Related to Elderly Customer's Trust and Estate

FINRA fined former Stifel, Nicolaus & Co. Inc and LPL Financial LLC broker Kevin Luby for failing to disclose outside business activities he engaged in on behalf of an elderly customer. The report ...
Continue reading "Kevin Luby Fined $25k, Suspended for Disclosure Failures Related to Elderly Customer's Trust and Estate" »

UBS Fined Record $12 Million Plus $2.5m in Disgorgement, Interest for Dark Pool Disclosure Violations

The Securities & Exchange Commission fined UBS Securities LLC an industry-record $12 million and ordered disgorgement plus prejudgment interest of $2.5 million for failing to properly disclose a ...
Continue reading "UBS Fined Record $12 Million Plus $2.5m in Disgorgement, Interest for Dark Pool Disclosure Violations" »

Merrill Lynch Fined $175k for Failing to Timely Report Complaints of Defrauding Adviser Who Escaped to LPL

FINRA fined Banc of America Corp.'s Merrill Lynch for taking too long to report 1200 required filings to FINRA, including two customer complaints of misappropriation against financial adviser Greg ...
Continue reading "Merrill Lynch Fined $175k for Failing to Timely Report Complaints of Defrauding Adviser Who Escaped to LPL" »

FINRA Bars George Carris, Expels Firm John Carris Investments for Fraud and Recklessness

A FINRA panel permanently expelled firm John Carris Investments (JCI), LLC and barred its CEO George Carris for a series of misconduct, including reckless sales of securities on the basis of false ...
Continue reading "FINRA Bars George Carris, Expels Firm John Carris Investments for Fraud and Recklessness" »

David Rose Sentenced, Restitution Ordered for $2 Million Medical Investment Fraud

David Rose of Coto de Caza, California received a 57 month prison sentence and was ordered to pay over $2 million in restitution for defrauding doctors, dentists and other investors in a scheme ...
Continue reading "David Rose Sentenced, Restitution Ordered for $2 Million Medical Investment Fraud" »

'Wall Street 2's Anastasios Belesis Barred, Restitution Ordered for Penny Stock Violations, Trading Ahead, Hiding Evidence

An extended FINRA OHO hearing panel barred John Thomas Financial, Inc. CEO Anastasios "Tommy" Belesis and expelled his firm for trading ahead of customer orders in penny stocks and failing ...
Continue reading "'Wall Street 2's Anastasios Belesis Barred, Restitution Ordered for Penny Stock Violations, Trading Ahead, Hiding Evidence" »

Securities-Based Lending, Alt Funds Catch FINRA's Eye in 2015

Investors borrowing against the value of their portfolios—also known as securities lending—caught FINRA's attention in its annual Regulatory and Examinations Priorities Letter for ...
Continue reading "Securities-Based Lending, Alt Funds Catch FINRA's Eye in 2015" »

Chase Bishop Casson Barred for Failure to Cooperate with Investigation into Private Securities Transactions

FINRA barred former Trustmont Financial and Morgan Stanley broker Chase Bishop Casson of Carlsbad, California for failing to provide information as requested by FINRA related to an investigation into ...
Continue reading "Chase Bishop Casson Barred for Failure to Cooperate with Investigation into Private Securities Transactions" »

FINRA Files Complaint Against Bradley Claus, Alleging Improper Oil and Gas Sales, Falsely Tying a Security to Justin Timberlake

FINRA's Department of Enforcement filed a complaint against former Transamerica Financial Advisors broker Bradley Claus, alleging that from September 2010 through April 2013, Claus participated in ...
Continue reading "FINRA Files Complaint Against Bradley Claus, Alleging Improper Oil and Gas Sales, Falsely Tying a Security to Justin Timberlake" »

Fiduciary Duty - Putting Customers First - Tops FINRA's Regulation Priorities for 2015

FINRA announced its priorities for 2015 in its industry-wide Regulatory and Examinations Priorities Letter, addressing issues that FINRA have encountered before alongside new areas of focus for the ...
Continue reading "Fiduciary Duty - Putting Customers First - Tops FINRA's Regulation Priorities for 2015" »

Pershing LLC Fined $3 Million for Supervisory, Customer Protection Violations

FINRA fined clearing firm Pershing LLC $3 million for violating the SEC Customer Protection Rule that establishes requirements in the interest of safeguarding customer funds and securities from ...
Continue reading "Pershing LLC Fined $3 Million for Supervisory, Customer Protection Violations" »

JP Morgan Downgrades Falling Caterpillar Stock Over Oil and Gas Exposure

Brokerage J.P. Morgan downgraded Caterpillar Inc.'s CAT stock to "underweight" on Monday, posing concerns over CAT's direct exposure to oil and gas. Crude oil prices hit the ...
Continue reading "JP Morgan Downgrades Falling Caterpillar Stock Over Oil and Gas Exposure" »

High Yield Bonds, Stocks, and ETFs in Grave Jeopardy as Oil Bubble Poised to Burst

With crude oil prices falling below $50 a barrel, high yield oil stocks are becoming more and more susceptible to a meltdown triggered by oil prices that have plunged by over 50% since 2014's ...
Continue reading "High Yield Bonds, Stocks, and ETFs in Grave Jeopardy as Oil Bubble Poised to Burst" »

Sagepoint's Daryl R. Lemon Barred for Margin Abuse, Excess Fees After 1,000+ Transactions in Elderly Client's Discount Brokerage Account

FINRA barred former Sagepoint Financial, Inc. broker Daryl Richard Lemon of Los Angeles, California for inappropriately "managing" an elderly investor's discount brokerage account and ...
Continue reading "Sagepoint's Daryl R. Lemon Barred for Margin Abuse, Excess Fees After 1,000+ Transactions in Elderly Client's Discount Brokerage Account" »

Risks and Rewards Abound for Closed-End Funds

Closed-end funds (CEFs) can be popular vehicles for portfolio diversification in the long-term, although these funds come with certain volatility risks. CEFs are primarily designed for clients with ...
Continue reading "Risks and Rewards Abound for Closed-End Funds" »
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