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Broker Banned for Churning Teenager's Account

The Financial Industry Regulatory Authority (FINRA) has banned San Diego registered brokerage supervisor Kale Edgar Evans from association with FINRA members and ordered him to pay a fine. According to FINRA, Evans recommended unsuitable investments, including some made on margin, then engaged in excessive trading (churning). The victim was a teenager supporting three siblings. According to FINRA, Evans induced the youth to transfer $400,000 of her late father's life insurance money to an account at Evans's brokerage, with the promise that the money would be placed in a savings account with no risk. Without notifying the customer, Evans named himself as a joint owner of the account, thus dodging the firm's normal oversight, according to FINRA. Evans also "unethically" transferred $128,000 from a bank account he shared with the customer to his personal accounts and to pay creditors.

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The Financial Industry Regulatory Authority (FINRA) has banned San Diego registered brokerage supervisor Kale Edgar Evans from association with FINRA members and ordered him to pay a fine. According to FINRA, Evans recommended unsuitable investments, including some made on margin, then engaged in excessive trading (churning). The victim was a teenager supporting three siblings. According to FINRA, Evans induced the youth to transfer $400,000 of her late father's life insurance money to an account at Evans's brokerage, with the promise that the money would be placed in a savings account with no risk. Without notifying the customer, Evans named himself as a joint owner of the account, thus dodging the firm's normal oversight, according to FINRA. Evans also "unethically" transferred $128,000 from a bank account he shared with the customer to his personal accounts and to pay creditors.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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