CFP Board Suspends Broker Michael T. Ryan of Santa Ana for Unauthorized Outside Business Activities

Attorney Advising Disclaimer

Following a FINRA suspension, fine and order of restitution imposed against former Newport Coast Securities and Securities America broker Michael Thomas Ryan of Santa Ana, California, the CFP Board issued its own one-year suspension for Ryan's failure to notify his firm of outside business activities, and for participating in private securities transactions without prior written notice and firm approval.

FINRA previously suspended Ryan and fined him $40,000 for the aforementioned violations. In addition, investigators ordered Ryan pay $55,000, plus interest, in restitution to customers.

The FINRA investigation found that Ryan served as a board officer and eventually Chief Financial Officer of Kensington Leasing, Ltd., a private entity he was involved with and which he promoted to customers while associated with the Irvine-based Securities America, while receiving additional salaries and income from similar outside business entities.

The report states that Ryan participated in unauthorized sales exceeding $1.5 million in restricted stock, including Lenco Mobile, Inc. and Casablanca Mining Ltd. restricted stock, for which restitution was ordered. Prior complaints listed in Ryan's BrokerCheck report include claims of misrepresentation, omission of facts, and unsuitability.

If you have invested with Santa Ana's Michael Thomas Ryan or with any broker or financial adviser whose undisclosed and unauthorized outside business activities have posed a conflict of interest or other situation that has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

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