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Blog Posts in 2016

138 results found. Viewing page 1 of 6. Go to page 1 2 3 4 5 6   Next

Former ACAP AML Compliance Officer Gary Hume Barred for Improper Unregistered Penny Stock Liquidation

FINRA barred former ACAP Financial Inc. (Salt Lake City, Utah) Anti-Money Laundering Compliance Officer, Gary Hume, in facilitating the liquidation of over 3.3 billion unregistered penny stock shares ...
Continue reading "Former ACAP AML Compliance Officer Gary Hume Barred for Improper Unregistered Penny Stock Liquidation" »

Wells Fargo, LPL Financial Among 12 Firms Fined $14.4 Million for Cybersecurity, Data Protection Failures

FINRA fined 12 member firms a total of $14.4 million for what the regulator deemed "significant deficiencies" related to preservation and protection of electronic brokerage and customer ...
Continue reading "Wells Fargo, LPL Financial Among 12 Firms Fined $14.4 Million for Cybersecurity, Data Protection Failures" »

FINRA Bars Ken Balser After Investigation into Private Securities Transactions

FINRA barred ex-Cetera Advisors LLC broker Kenneth Alan Balser of the firm's Colorado Springs branch in connection with an investigation into private securities transactions. FINRA's decision ...
Continue reading "FINRA Bars Ken Balser After Investigation into Private Securities Transactions" »

Kai Chen Fined & Suspended for Unauthorized Use of Discretion at Credit Suisse

FINRA fined and suspended former Credit Suisse Securities and S F Sentry Securities (both of San Francisco, CA) broker Kai Nmn Chen aka Szu-Kai or Szukai Chen for improperly exercising discretion in ...
Continue reading "Kai Chen Fined & Suspended for Unauthorized Use of Discretion at Credit Suisse" »

FINRA Sanctions Davood Kohan for Improperly Settling Complaint Away from Firm

FINRA fined and suspended Davood Kohan (aka Kohanzadeh) for settling a customer complaint without notifying his firm, First Allied Securities of San Francisco, of the dispute or proposed settlement, ...
Continue reading "FINRA Sanctions Davood Kohan for Improperly Settling Complaint Away from Firm" »

Christopher Ariola Barred, Ordered to Pay $138k in Restitution for Unsuitable Gold & Energy Recommendations

Former Bay Mutual Financial (Santa Monica) and Financial Telesis (Aliso Viejo) broker Christopher Basile Ariola must pay nearly $138,000 in restitution to customers who lost money after Ariola ...
Continue reading "Christopher Ariola Barred, Ordered to Pay $138k in Restitution for Unsuitable Gold & Energy Recommendations" »

Credit Suisse Securities Fined $16.5 Million for Significant Supervisory Deficiencies in Detecting Suspicious Microcap Trades

FINRA fined Credit Suisse Securities (USA) LLC $16.5 million for anti-money laundering (AML), supervision, and other violations related to the firm's suspicious activity monitoring program ...
Continue reading "Credit Suisse Securities Fined $16.5 Million for Significant Supervisory Deficiencies in Detecting Suspicious Microcap Trades" »

FINRA's Recent Sanctions Underscore Compensation and Conflict of Interest Priorities

FINRA demonstrated its concern with conflict of interest situations posed by broker-dealer sales incentives and similarly problematic compensation structures in a recent enforcement action, in which ...
Continue reading "FINRA's Recent Sanctions Underscore Compensation and Conflict of Interest Priorities" »

MA Charges LPL Financial for Adviser Roger Zullo's Alleged Variable Annuity Fraud, Elder Abuse

Massachusetts regulators charged LPL Financial with failing to supervise financial adviser Roger Salvatore Zullo, who the state says defrauded clients, lied to supervisors, fabricated LPL clients' ...
Continue reading "MA Charges LPL Financial for Adviser Roger Zullo's Alleged Variable Annuity Fraud, Elder Abuse" »

Merrill Lynch to Pay $7 Million in Fines & Restitution for Inadequate Supervision of Leverage Use in Customer Accounts

FINRA fined Merrill Lynch $6.25 million and ordered the firm to pay an additional $780,000—totaling over $7 million in penalties—for inadequate supervision of its customer's use of ...
Continue reading "Merrill Lynch to Pay $7 Million in Fines & Restitution for Inadequate Supervision of Leverage Use in Customer Accounts" »

VALIC Financial Advisors Fined $1.75 Million for Conflict of Interest, Supervisory Failures Related to Variable Annuities

FINRA fined VALIC Financial Advisors, Inc. a total of $1.75 million for filing to detect and address certain conflict of interest situations related to variable annuity (VA) ...
Continue reading "VALIC Financial Advisors Fined $1.75 Million for Conflict of Interest, Supervisory Failures Related to Variable Annuities" »

Jason Vanclef, VFG Securities Sanctioned for Making False Claims in Book Promoting REITs and DPP Investments

FINRA censured and fined VFG Securities, Inc. and additionally suspended VFG (Vanclef Financial Group) CEO Jason Bryce Vanclef of Culver City, CA, for making inaccurate and misleading claims ...
Continue reading "Jason Vanclef, VFG Securities Sanctioned for Making False Claims in Book Promoting REITs and DPP Investments" »

Oppenheimer & Co Ordered to Pay $3.4 Million in Fines & in Restitution for Supervisory, Discovery & Reporting Failures and Violations

18 months after ordering Oppenheimer & Co. Inc. to pay $2.5 million in fines and $1.25m in restitution for failing to supervise ex-rep Mark Christopher Hotton, FINRA once again has sanctioned ...
Continue reading "Oppenheimer & Co Ordered to Pay $3.4 Million in Fines & in Restitution for Supervisory, Discovery & Reporting Failures and Violations" »

John Hudnall Barred for Selling Away a REIT Investment to Elderly BancWest Customer

FINRA barred John Stuart Hudnall, formerly of U.S. Bancorp Investments and BancWest Investment Services' San Francisco, California branches, for participating in an undisclosed and unapproved ...
Continue reading "John Hudnall Barred for Selling Away a REIT Investment to Elderly BancWest Customer" »

FINRA Bars Ex-LPL Broker Dominic DeBruin over Undisclosed Private Securities Transactions, Depositing Client Money into Controlled Account

FINRA barred former LPL Financial broker Dominic Thomas DeBruin of the firm's Mesa, Arizona branch for failing to cooperate with an investigation into undisclosed private securities transactions ...
Continue reading "FINRA Bars Ex-LPL Broker Dominic DeBruin over Undisclosed Private Securities Transactions, Depositing Client Money into Controlled Account" »

Gerald Cocuzzo Pleads Guilty to Securities Fraud in $131 Million Market Manipulation Scheme of ForceField Energy

Former Newbridge Securities Corp. broker Gerald "Jerry" John Cocuzzo pleaded guilty in federal court to securities fraud and a $131 million market manipulation scheme involving ForceField ...
Continue reading "Gerald Cocuzzo Pleads Guilty to Securities Fraud in $131 Million Market Manipulation Scheme of ForceField Energy" »

Stanley Niekras Accused of Misrepresentation, Billing Elderly Clients for $70,000-worth in Fabricated Fees

FINRA filed a complaint against former Purshe Kaplan Sterling Investments and MML Investors Services, LLC adviser Stanley Clayton Niekras for allegedly billing two elderly customers for more than ...
Continue reading "Stanley Niekras Accused of Misrepresentation, Billing Elderly Clients for $70,000-worth in Fabricated Fees" »

Tracy Turner's 35th Disclosure is Complaint Alleging $4.1 Million Private Securities Misconduct

Former Colorado Financial Service Corporation (whose branch is located in Carlsbad, California) broker Tracy Rae Turner allegedly participated in unapproved private securities transactions related to ...
Continue reading "Tracy Turner's 35th Disclosure is Complaint Alleging $4.1 Million Private Securities Misconduct" »

Eight Firms Fined $6.2 Million for Variable Annuity L-Share Supervisory Failures

FINRA fined eight firms a total of $6.2 million for failing to supervise sales of variable annuities (VAs). In addition to fining the firms, which include five broker-dealer subsidiaries of Cetera ...
Continue reading "Eight Firms Fined $6.2 Million for Variable Annuity L-Share Supervisory Failures" »

Unsuitable and Risky Oil and Gas Sales and Plummeting Energy Investments Cost Elderly Clients Millions of Dollars in Losses

The once-boisterous oil and gas sector has dramatically cooled, translating into multi-million dollar losses for investors improperly sold these risky products and leaving a flurry of frozen calls ...
Continue reading "Unsuitable and Risky Oil and Gas Sales and Plummeting Energy Investments Cost Elderly Clients Millions of Dollars in Losses" »

FINRA Cracks Down on Cross-Selling Programs in Wake of Wells Fargo Fiasco

In the wake of the fake account creation scandal at Wells Fargo, which the Consumer Financial Protection Bureau called "fraudulent conduct...on a massive scale" as employees engaged in ...
Continue reading "FINRA Cracks Down on Cross-Selling Programs in Wake of Wells Fargo Fiasco" »

Stuart Dickinson Barred, Restitution Ordered for Recommending Customers Purchase the ATM Alliance Ponzi Scheme

FINRA barred former WFG Investments, Inc. broker Stuart Graham Dickinson for failing to conduct adequate due diligence on exchange-traded funds (ETFs) and a private placement securities offering, ...
Continue reading "Stuart Dickinson Barred, Restitution Ordered for Recommending Customers Purchase the ATM Alliance Ponzi Scheme" »

Anthony Lombardi Fined and Suspended for Failing to Disclose Outside Insurance Business Activity

FINRA fined and suspended former Capital Financial Services, Inc. (Carlsbad, CA) broker Anthony Paul Lombardi for failing to disclose an outside business in which he sold insurance and received sales ...
Continue reading "Anthony Lombardi Fined and Suspended for Failing to Disclose Outside Insurance Business Activity" »

Ex-LPL Broker Mark Tauzin Suspended, Ordered to Pay $225,000 for Unsuitable UIT Short-Term Trading

FINRA suspended former LPL Financial broker Mark Tauzin and ordered him to pay $225,000 in fines and disgorged commissions to 14 clients as a result of unsuitable short-term unit investment trust ...
Continue reading "Ex-LPL Broker Mark Tauzin Suspended, Ordered to Pay $225,000 for Unsuitable UIT Short-Term Trading" »

JWE Investigating Ponzi-Like Scheme Involving UDF IV REITs as SEC Issues Wells Notice

With the SEC's recent issuance of a Wells Notice against the troubled Texas real estate investment trust (REIT) known as United Development Funding IV, or UDF IV, combined with NASDAQ's ...
Continue reading "JWE Investigating Ponzi-Like Scheme Involving UDF IV REITs as SEC Issues Wells Notice" »
138 results found. Viewing page 1 of 6. Go to page 1 2 3 4 5 6   Next
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