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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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Don Bauder Jan. 31, 2012 @ 11:34 a.m.

Good question, SP. I am not aware of any criminal investigation of this. Best, Don Bauder


Visduh Jan. 31, 2012 @ 8:44 p.m.

Oh Bahnee, where are thou when bad guys steal from children? That's the worst kind of abuse. And what about the FBI? Here in SD the FBI seems only to chase bank robbers and pot growers.


Don Bauder Feb. 1, 2012 @ 8:23 a.m.

When violators are disciplined by FINRA and the bar association, or by a civil government agency like the SEC, sometimes criminal investigations evolve. But too many other times they do not. Law enforcement agencies in San Diego spend too much time pursuing border-related crime. That's one reason why San Diego is a white collar crime haven. Best, Don Bauder


Burwell Jan. 31, 2012 @ 9:37 p.m.

If Evans took $128,000 from his client's account without authorization to pay his bills, then the DA should look into the matter to see if there was a defalcation. If Evans is innocent he should welcome the opportunity to talk to DA investigators and clear his name.


Don Bauder Feb. 1, 2012 @ 8:25 a.m.

In reading FINRA's case summary, I kept wondering if there was -- or had been -- some kind of close relationship between Evans and the victim. But I don't know that. Best, Don Bauder


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