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Recent Posts in Pump and Dump Scheme Category

Ladenburg Thalmann Financial Chairman Phillip Frost Charged with Fraud in Pump-and-Dump Penny Stock Scheme

The Securities and Exchange Commission alleged Ladenburgh Thalmann Financial Services chairman and largest shareholder Phillip Frost and a handful of co-defendants with perpetrating a series of ...
Continue reading "Ladenburg Thalmann Financial Chairman Phillip Frost Charged with Fraud in Pump-and-Dump Penny Stock Scheme" »

Midtown Partners' Kevin Gillespie Charged by SEC in $10 Million Microcap Fraud Scheme

The Securities and Exchange Commission, in a civil complaint, charged Midtown Partners broker Kevin Patrick Gillespie and four others in a series of microcap fraud schemes that netted more than $10 ...
Continue reading "Midtown Partners' Kevin Gillespie Charged by SEC in $10 Million Microcap Fraud Scheme" »

SEC Charges Wedbush Securities with Failing to Supervise Timary Delorme in Penny Stock Market Manipulation Scheme

Having issued southern California broker Timary Ann Delorme aka Timary Kennally Koller a cease-and-desist order and ordering $50,000 in civil penalties for her involvement in Izak Zirk Engelbrecht aka ...
Continue reading "SEC Charges Wedbush Securities with Failing to Supervise Timary Delorme in Penny Stock Market Manipulation Scheme" »

Stockbroker and Blue Line Brewery Owner Mark Gillis Pleads Guilty to Securities Fraud

Former Hudson Valley Capital Management co-owner Mark Joseph Gillis pleaded guilty to securities fraud after investigators charged him with scheming to steal nearly $400,000 from investors. FINRA ...
Continue reading "Stockbroker and Blue Line Brewery Owner Mark Gillis Pleads Guilty to Securities Fraud" »

2017 FINRA Priorities: High-Risk and Repeat-Offender Brokers, Suitability & Sales Practices, Cybersecurity

In its annual Regulatory and Examination Priorities Letter for 2017, FINRA revealed several observations from the past year regarding areas of weakness and recommendations on how to strengthen or ...
Continue reading "2017 FINRA Priorities: High-Risk and Repeat-Offender Brokers, Suitability & Sales Practices, Cybersecurity" »

Donald Toomer Barred, Indicted for $30 Million Pump-And-Dump Penny Stock Fraud

FINRA barred Donald Shelby Toomer, formerly of Wells Fargo Advisors Financial Network, LLC in Las Vegas, NV, following a December 2015 indictment on charges of securities fraud, conspiracy to commit ...
Continue reading "Donald Toomer Barred, Indicted for $30 Million Pump-And-Dump Penny Stock Fraud" »

Ex-California Broker Daniel McKelvey Pleads Guilty in Fraudulent Shell Corporation Penny Stock Scheme

Daniel Patrick McKelvey of Foster City, California pleaded guilty to conspiracy to commit securities fraud, a charge filed by the US Attorney's Office in collaboration with the FBI and SEC, and in ...
Continue reading "Ex-California Broker Daniel McKelvey Pleads Guilty in Fraudulent Shell Corporation Penny Stock Scheme" »

George Johnson Barred, Christopher Wynne Suspended for Market Manipulation Scheme

FINRA barred former Meyers Associates LP broker George Johnson and suspended his supervisor, Christopher Wynne, for allegedly scheming to artificially inflate the market price of over-the-counter ...
Continue reading "George Johnson Barred, Christopher Wynne Suspended for Market Manipulation Scheme" »

Investor Alert Warns of Pump-And-Dump Scams Delivered Through WhatsApp, Other Messaging Apps

FINRA issued an alert warning investors of bogus stock promotions and other solicitations sent via messaging apps for mobile devices such as iPhones and Androids such as the popular WhatsApp. ...
Continue reading "Investor Alert Warns of Pump-And-Dump Scams Delivered Through WhatsApp, Other Messaging Apps" »

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" »

SEC and FINRA Issue Joint Penny Stock Scam Investment Alert

FINRA and the SEC issued an alert warning investors of certain penny stocks being aggressively promoted as great investment opportunities when, in fact, they are little more than stocks of dormant ...
Continue reading "SEC and FINRA Issue Joint Penny Stock Scam Investment Alert" »

SEC Charges Eight, Including de Maison, in Pump-and-Dump Penny Stock Fraud Scheme

In a complaint filed in concurrence with the FBI's arrests of Izak Zirk De Maison and Stephen Joel Wilshinsky in Los Angeles last week, the Securities and Exchange Commission charged eight ...
Continue reading "SEC Charges Eight, Including de Maison, in Pump-and-Dump Penny Stock Fraud Scheme" »

FBI Arrests De Maison and Wilshinsky in Multi-Million Dollar Penny Stock Fraud

On September 18, 2014, the FBI arrested Izak Sirk De Maison (aka Izak Zirk Engelbrecht) and Stephen Joel Wilshinsky in Los Angeles, California for their criminal involvement in a penny stock scheme to ...
Continue reading "FBI Arrests De Maison and Wilshinsky in Multi-Million Dollar Penny Stock Fraud" »

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" »

Popularity of Liquifying Home Equity, Cash-Out Refinancing Increases as Valuation Increases

The financial homeowners' market has re-entered the realm of cash-out refinancing, a tool relatively rare and exiled since the high-profile real-estate bubble bust of the mid-2000s. A loan taken ...
Continue reading "Popularity of Liquifying Home Equity, Cash-Out Refinancing Increases as Valuation Increases" »

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" »

NASAA Calls Out New Scams, Rotates Five of Top 10 Investor Threats

The North American Securities Administrators Association (NASAA) added five new schemes to its list of top threats to investors. Leading the pack of new threats are proxy trading accounts, in which ...
Continue reading "NASAA Calls Out New Scams, Rotates Five of Top 10 Investor Threats" »

FINRA Charges John Carris Investments and CEO George Carris with Fraud and Stock Manipulation

FINRA charged John Carris Investments (JCI) and its CEO George Carris with fraud and stock manipulation, filing a cease-and-desist order against the firm to halt its solicitation of the Fibrocell ...
Continue reading "FINRA Charges John Carris Investments and CEO George Carris with Fraud and Stock Manipulation" »

SEC & FINRA Joint Alert: Beware Pump-and-Dump Scams via E-mail Spam

The SEC and FINRA are warning investors of dangerous investment-related e-mail spam that promotes a securities fraud scheme known as "pump-and-dump." In the alert, regulators warn of ...
Continue reading "SEC & FINRA Joint Alert: Beware Pump-and-Dump Scams via E-mail Spam" »

Slava Volman Pleads Guilty, Sent to Prison for Securities Fraud and Conspiracy

Slava Volman of Garden City, New York pleaded guilty to securities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering, all while associated with the former firm ...
Continue reading "Slava Volman Pleads Guilty, Sent to Prison for Securities Fraud and Conspiracy" »
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