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Blog Posts in June, 2016

WFG Advisors Fined, Censured $100k for Overcharging Customers in Alt Investment, REIT Sales

The SEC fined WFG Advisors $100,000 for overcharging clients in alternative investments, including REITs and BDCs due to inadequate policies and procedures to prevent overcharging. SEC Proceeding ...
Continue reading "WFG Advisors Fined, Censured $100k for Overcharging Customers in Alt Investment, REIT Sales" »

Anthony Diaz, a Repeat Offending Rogue Broker Under Federal Indictment for REIT Fraud, is Poster Child for Worrying Trend

This month, the Massachusetts Securities Division sent a message to several hundred brokerages with above-average numbers of representatives with at least one misconduct report on their records: Firms ...
Continue reading "Anthony Diaz, a Repeat Offending Rogue Broker Under Federal Indictment for REIT Fraud, is Poster Child for Worrying Trend" »

Merrill Lynch to Pay $415 Million in SEC Order for Misusing Customer Cash, in Addition to $5 Million FINRA order for Materially Misleading Investors

Merrill Lynch agreed to pay $415 million and admit wrongdoing after an SEC investigation found the firm misused customer cash to generate profits, and collaterally put customer securities at risk by ...
Continue reading "Merrill Lynch to Pay $415 Million in SEC Order for Misusing Customer Cash, in Addition to $5 Million FINRA order for Materially Misleading Investors" »

Merrill Lynch Fined $5 Million for Failure to Disclose Material Facts, Costs in Structured Note Sales

FINRA fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $5 million for what it deems were "negligent disclosure failures" related to the firm's sales of five-year senior debt notes. ...
Continue reading "Merrill Lynch Fined $5 Million for Failure to Disclose Material Facts, Costs in Structured Note Sales" »

SEC Charges Ash Narayan, The Ticket Reserve with Fraud in Ponzi-Like Sports Ticketing Scheme

The SEC charged former RGT Capital Management financial adviser Ash Narayan of Newport Coast, California with defrauding investors, and obtained a court order freezing his assets and appointing a ...
Continue reading "SEC Charges Ash Narayan, The Ticket Reserve with Fraud in Ponzi-Like Sports Ticketing Scheme" »

Kory Keath Named in Complaint Over Elderly Client's Trust Oddities, Unreported Gift

FINRA's Department of Enforcement filed a complaint against former Edward Jones adviser Kory Penland Keath of the firm's branch in Enumclaw, Washington for allegedly circumventing the ...
Continue reading "Kory Keath Named in Complaint Over Elderly Client's Trust Oddities, Unreported Gift" »

Robert Myers Fined $20k, Suspended for Disputed VA Fees Classified as Unapproved Outside Business Compensation

FINRA fined Robert Jay Myers $20,000 and suspended him for one year in the wake of a customer's complaint Myers charged inappropriate fees in relation to variable annuities (VAs) and what FINRA ...
Continue reading "Robert Myers Fined $20k, Suspended for Disputed VA Fees Classified as Unapproved Outside Business Compensation" »

Former CCO Allen Holeman the Latest Oppenheimer & Co. Broker in Trouble with FINRA

Former Oppenheimer & Co. Inc. Chief Compliance Officer Allen Bernard Holeman is the latest Oppenheimer registrant under investigation by FINRA for failing to comply with industry rules and ...
Continue reading "Former CCO Allen Holeman the Latest Oppenheimer & Co. Broker in Trouble with FINRA" »

FINRA Fines Morgan Stanley $80,000 for Supervisory Failures, Deletion of 21k OTC Options Positions

Morgan Stanley & Co. LLC received a censure and $80,000 fine after a FINRA investigation determined the firm improperly deleted 21,374 over-the-counter (OTC) options positions required to be ...
Continue reading "FINRA Fines Morgan Stanley $80,000 for Supervisory Failures, Deletion of 21k OTC Options Positions" »

Shannon Rowland Barred for Converting Funds for Personal Use

FINRA barred Shannon Marie Rowland aka Shannon Marie Brooks aka Shannon Marie Howey, a former variable contracts representative with State Farm VP Management Corp. in Tempe and Phoenix, Arizona, for ...
Continue reading "Shannon Rowland Barred for Converting Funds for Personal Use" »

Oppenheimer & Co Sanctioned $2.9 Million for Unsuitable Complex ETF Trades Amongst Elderly Customers

FINRA fined Oppenheimer & Co. Inc. $2.25 million and ordered nearly $716k in restitution for four years' worth of unsuitable sales of leveraged, inverse, and inverse-leveraged Exchange-Traded ...
Continue reading "Oppenheimer & Co Sanctioned $2.9 Million for Unsuitable Complex ETF Trades Amongst Elderly Customers" »

Daniel Miller Fined, Suspended for Undisclosed Outside Real Estate, Private Securities Transactions

FINRA suspended and fined Daniel Steuer Miller, formerly of Growth Capital Services in San Francisco, California, for participating in undisclosed and prohibited private securities transactions ...
Continue reading "Daniel Miller Fined, Suspended for Undisclosed Outside Real Estate, Private Securities Transactions" »

Yahoo! Finance Message Board Posting re: IFAN

On June 3, 2016, we were made aware of a message board posting on Yahoo! Finance recommending investors in "IFAN" contact our law firm regarding the value and/or status of our shares. The ...
Continue reading "Yahoo! Finance Message Board Posting re: IFAN" »

E*Trade Securities Censured, Fined $900k for Trade Review & Supervisory Failures, Failure to Ensure Protection of Confidential Info

FINRA fined E*Trade Securities, LLC $900,000 and censured the firm for multiple violations related to its assessment and review practices concerning customer orders, further finding that the firm ...
Continue reading "E*Trade Securities Censured, Fined $900k for Trade Review & Supervisory Failures, Failure to Ensure Protection of Confidential Info" »

FINRA Charges Jim Seol with Unauthorized WRCI, EB-5 Immigration Outside Business Activity

FINRA charged Jim Jinkook Seol, formerly of Ameriprise Financial Services' Irvine, CA branch, with engaging in outside business activities and participating in private securities transactions by ...
Continue reading "FINRA Charges Jim Seol with Unauthorized WRCI, EB-5 Immigration Outside Business Activity" »
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