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Recent Posts in Account Objectives Category

29 results found. Viewing page 1 of 2. Go to page 1 2   Next

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" »

Massachusetts to Investigate Private Placement Sales & Related Practices at 10 Firms

Massachusetts Secretary of the Commonwealth and chief securities regulator William Galvin announced a state investigation of private placement sales and related sales practices at 10 broker-dealers ...
Continue reading "Massachusetts to Investigate Private Placement Sales & Related Practices at 10 Firms" »

Kyusun Kim Barred for Unsuitable Recommendations of REITs and Alt Investments in Elderly Investors' Retirement Accounts

FINRA barred former Independent Financial Group and Sandlapper Securities, broker Kyusun Kim for unsuitably recommending that a number of elderly and retiring customers liquidate their 401(k) and ...
Continue reading "Kyusun Kim Barred for Unsuitable Recommendations of REITs and Alt Investments in Elderly Investors' Retirement Accounts" »

Wells Fargo Wealth Management Investigated for Unsuitable Investments, Self-Dealing

With Wells Fargo's credit card and savings divisions already disciplined by the Federal Reserve over a fake account scandal during which the bank opened bogus accounts on behalf of its customers, ...
Continue reading "Wells Fargo Wealth Management Investigated for Unsuitable Investments, Self-Dealing" »

Saddled with Settlements, Kevin Yang Sanctioned for Unauthorized Discretion at Morgan Stanley

FINRA fined and suspended Kevin Chiagan Yang, formerly of Morgan Stanley's Pasadena, CA branch, for exercising discretion without written authorization. The disciplinary action follows several ...
Continue reading "Saddled with Settlements, Kevin Yang Sanctioned for Unauthorized Discretion at Morgan Stanley" »

DOJ Orders Review of Wells Fargo Advisors' Sales Practices and Recommendations

Wells Fargo began an investigation into potentially inappropriate referrals and recommendations after the Department of Justice ordered the firm to conduct a review of its sales practices, including ...
Continue reading "DOJ Orders Review of Wells Fargo Advisors' Sales Practices and Recommendations" »

Ameriprise's Larry Boggs Barred for Churning Elderly Client Accounts, Improperly Changing Customer Objectives

FINRA barred former Ameriprise Financial and Wedbush Securities broker Larry Martin Boggs for excessively and unsuitably trading five elderly customers' accounts while associated with Amerprise of ...
Continue reading "Ameriprise's Larry Boggs Barred for Churning Elderly Client Accounts, Improperly Changing Customer Objectives" »

LPL's Cooke, Hood, Laws & Long Charged in Variable Annuity Fraud Scheme Targeting Federal Employees

The SEC charged former LPL Financial brokers Jonathan Dax Cooke, Danny Scott Hood, Christopher S Laws, and Brandon Preston Long with fraudulently enticing federal employees to roll over holdings from ...
Continue reading "LPL's Cooke, Hood, Laws & Long Charged in Variable Annuity Fraud Scheme Targeting Federal Employees" »

Matthew Maczko Barred for Churning in 93-Year-Old Client's Account, Resulting in Loss; Misleading Testimony

FINRA barred former Wells Fargo Advisors representative Matthew Christopher Maczko for excessive trading in four accounts belonging to a 93-year-old client. The alleged misconduct began in 2009 and ...
Continue reading "Matthew Maczko Barred for Churning in 93-Year-Old Client's Account, Resulting in Loss; Misleading Testimony" »

Complaint Alleges Kelly Althar's Unsuitable and Excessive Trading Caused $187,000 Loss in Elderly Client's Accounts

FINRA filed a complaint alleging that former Financial West Group (San Francisco) and Paulson Investment Company (Novato, CA) broker Kelly Clayton Althar made unsuitable recommendations and ...
Continue reading "Complaint Alleges Kelly Althar's Unsuitable and Excessive Trading Caused $187,000 Loss in Elderly Client's Accounts" »

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" »

Mauneel Desai Sanctioned for Opening New Accounts with Fake Information and Without Permission

FINRA fined and suspended Mauneel Desai, formerly of Edward Jones in Irvine, California, for creating new accounts using fake information for customers who had not agreed to open accounts with the ...
Continue reading "Mauneel Desai Sanctioned for Opening New Accounts with Fake Information and Without Permission" »

Jonathan W. Evans & Associates is Investigating Claims Against William Mark Heiden & Wedbush Securities over Energy Stock Overconcentration

The Law Offices of Jonathan W. Evans & Associates is investigating possible claims that Wedbush Securities, Inc. broker William Mark Heiden (Newport Beach, California) mismanaged client accounts ...
Continue reading "Jonathan W. Evans & Associates is Investigating Claims Against William Mark Heiden & Wedbush Securities over Energy Stock Overconcentration" »

Ameriprise Financial Failed to Supervise Michael Halla's Unsuitable Closed End Fund Short-Term Trading, Fined $100,000

FINRA fined Ameriprise Financial Services $100,000 for failing to supervise ex-broker Michael Edward Halla's unsuitable short-term trading of IPO closed end funds (CEFs). The investigation notes ...
Continue reading "Ameriprise Financial Failed to Supervise Michael Halla's Unsuitable Closed End Fund Short-Term Trading, Fined $100,000" »

Oil, Gas & Emerging Market Funds Among Those with Worst Total Losses Over Past Three Years

The market trend for funds over the past few years indicates several areas associated with poor performance. Specifically, several funds related to natural resources and oil/gas services, metals or ...
Continue reading "Oil, Gas & Emerging Market Funds Among Those with Worst Total Losses Over Past Three Years" »

Volatile Complex Exchange Traded Products (ETFs, ETNs, etc.) May Be Unsuitable for Conservative Investors

Complex Exchange Traded Products (ETPs), such as inverse and/or leveraged exchange traded funds (ETFs) and notes (ETNs) may prove unsuitable for investors with low-risk objectives as well as clients ...
Continue reading "Volatile Complex Exchange Traded Products (ETFs, ETNs, etc.) May Be Unsuitable for Conservative Investors" »

With 14 Pending Customer Disputes Alleging Misrepresentation and False Statements in Variable Annuity Transactions, FINRA Files Complaint Against Anthony Diaz

After 14 customers filed separate disputes alleging misrepresentation and falsification of statements and records in variable annuity (VA) transactions, FINRA filed a complaint against broker Anthony ...
Continue reading "With 14 Pending Customer Disputes Alleging Misrepresentation and False Statements in Variable Annuity Transactions, FINRA Files Complaint Against Anthony Diaz" »

Dalas Lee Gundersen Fined, Suspended & Ordered to Disgorge Excess Commissions Earned Through Unsuitable Sales, and Over-Concentration of Mutual Funds

FINRA fined, suspended and ordered former Edward Jones broker Dalas Lee Gundersen of Willows, California to pay disgorgement for ill-gotten commissions related to an unsuitable investment ...
Continue reading "Dalas Lee Gundersen Fined, Suspended & Ordered to Disgorge Excess Commissions Earned Through Unsuitable Sales, and Over-Concentration of Mutual Funds" »

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" »

SWS Charged with Inadequate Supervision of VA Transactions

FINRA charged SWS Financial Services Inc. with multiple failures related to variable annuity (VA) transactions, including supervisory inadequacies, procedural deficiencies and lack of oversight. The ...
Continue reading "SWS Charged with Inadequate Supervision of VA Transactions" »

Concentration Risk: The Implications of Putting All Your Eggs in One Basket

Concentration risk occurs when a large portion of a portfolio's holdings is in a particular investment relative to the overall portfolio. This can be caused or perpetuated through: >> ...
Continue reading "Concentration Risk: The Implications of Putting All Your Eggs in One Basket" »

SEC National Exam Program Issues Broker-Dealers Priorities List for 2014

The Securities and Exchange Commission's Office of Compliance Inspections and Examinations issued examination priorities for 2014 as part of the office's National Exam Program, whose mission ...
Continue reading "SEC National Exam Program Issues Broker-Dealers Priorities List for 2014" »

FINRA to Target Complex Investments Including REITs, ETFs and Mortgage Backed Securities in 2014 Exams

FINRA announced its Business Conduct Priorities for 2014 on Thursday, leading off with the issue of suitability of recommendations for complex products. In its discussion about suitability, FINRA ...
Continue reading "FINRA to Target Complex Investments Including REITs, ETFs and Mortgage Backed Securities in 2014 Exams" »

Proposed Fiduciary Rule Changes Signal Heightened Due Diligence Requirements for Brokers, Advisors

FINRA, the SEC and the US Department of Labor are considering, and/or proposing changes to fiduciary standards for brokers and advisors as the agencies strive towards a new "culture of fiduciary ...
Continue reading "Proposed Fiduciary Rule Changes Signal Heightened Due Diligence Requirements for Brokers, Advisors" »

SEC: Small Violations Can Lead to Strong Enforcement, Sanctions, and Fines

The Securities and Exchange Commission is turning to a new Enforcement strategy: zero in on minor infractions in order to stop large violations from occurring later on. SEC Chairman Mary Jo ...
Continue reading "SEC: Small Violations Can Lead to Strong Enforcement, Sanctions, and Fines" »
29 results found. Viewing page 1 of 2. Go to page 1 2   Next
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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
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