MICHAEL WAYNE EVANS - Investment Adviser

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Firm

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Detailed ReportReport

MICHAEL WAYNE EVANS

CRD#: 1726255

Previous Investment Adviser

Previous Broker

BARRED BY FINRA OR THE SEC

FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.

The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site

Licenses

Licenses

0 Licenses

Registration History

Disclosure(s)

View By:

1/24/2011

Regulatory

Final

Initiated By

FINRA

Allegations

FINRA RULES 2010, 8210, NASD RULES 2110, 2330 - MICHAEL WAYNE EVANS RECEIVED CHECKS FROM CUSTOMERS TO ENGAGE IN "UNSPECIFIED BUSINESS TRANSACTIONS" ON THEIR BEHALF THAT WERE IN BLANK FORM WITHOUT A SPECIFIED PAYEE AND NOT SIGNED BY THE CUSTOMERS AND ONE CHECK WAS SIGNED BY ONE OF THE CUSTOMERS BUT NOT OTHERWISE COMPLETED. EVANS, WITHOUT THE CUSTOMERS' PERMISSION, KNOWLEDGE OR AUTHORITY, CONVERTED SECURITIES IN THEIR ACCOUNT WHEN HE SOLD THE SECURITIES, TRANSFERRED THE PROCEEDS INTO THEIR BANK DEPOSIT ACCOUNT AND THEN DEPOSITED THE FUNDS FROM THE SALES INTO HIS PERSONAL CHECKING ACCOUNT. ON OTHER OCCASIONS, EVANS, WITHOUT THE CUSTOMERS' PERMISSION, KNOWLEDGE OR AUTHORITY, CONVERTED FUNDS FROM THEIR BROKERAGE ACCOUNT WHEN HE WITHDREW FUNDS, TRANSFERRED THE FUNDS INTO THEIR BANK DEPOSIT ACCOUNT AND THEN DEPOSITED THE FUNDS INTO HIS PERSONAL ACCOUNT, TRANSFERRING AN AGGREGATE TOTAL OF $60,000 FROM THE CUSTOMERS' ACCOUNTS. EVANS FORGED THE SIGNATURE OF ONE OF THE CUSTOMERS ON CHECKS GIVEN TO HIM WHICH WERE LINKED TO THEIR BANK DEPOSIT ACCOUNT AND MADE SOME OF THE CHECKS PAYABLE TO "CASH," MADE THE OTHERS PAYABLE TO HIMSELF, AND ON ONE OCCASION, FORGED THE CUSTOMER'S SIGNATURE ON A CASH WITHDRAWAL FORM RELATED TO THE BANK DEPOSIT ACCOUNT. WITHOUT THE CUSTOMERS' KNOWLEDGE, AUTHORIZATION OR CONSENT, SOLD SHARES TOTALING $30,000 OF THEIR SECURITIES FROM THEIR BROKERAGE ACCOUNT, TRANSFERRED $10,000 OF THE SALE PROCEEDS TO THE BANK DEPOSIT ACCOUNT AND WITHOUT THE CUSTOMERS' KNOWLEDGE, AUTHORIZATION OR CONSENT, APPLIED $10,000 TO THEIR BROKERAGE ACCOUNT MARGIN BALANCE. EVANS FAILED TO RESPOND TO FINRA REQUESTS FOR INFORMATION.

Resolution

Decision & Order of Offer of Settlement

Bar

Bar (Permanent)

Registration Capacities Affected

All Capacities

Duration

Indefinite

Start Date

4/19/2011

Regulator Statement

WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, EVANS CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THEREFORE HE IS BARRED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY. FINRA DID NOT SEEK RESTITUTION FROM EVANS ON BEHALF OF THE CUSTOMERS BECAUSE THE FIRM REIMBURSED THE CUSTOMERS FOR THE ENTIRETY OF THEIR LOSSES. IN ADDITION, EVAN REIMBURSED THE FIRM APPROXIMATELY $47,000 OF THE $60,000 THAT HE MISAPPROPRIATED FOR THE CUSTOMERS AND IS IN THE PROCESS OF EARNING THE REMAINING $13,000.

Previous Registration(s)

th hidden text	th hidden text	Name	Location
IA	05/03/2007 - 02/23/2009	WAMU INVESTMENTS, INC. (CRD#:599)	ISLANDIA, NY
IA	03/19/1998 - 06/12/2003	PRUDENTIAL SECURITIES INCORPORATED (CRD#:7471)	WESTPORT, CT

WAMU INVESTMENTS, INC. (CRD#:599)

ISLANDIA, NY

05/03/2007 - 02/23/2009

PRUDENTIAL SECURITIES INCORPORATED (CRD#:7471)

WESTPORT, CT

03/19/1998 - 06/12/2003

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Broker

A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.

Investment Adviser

An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.

Disclosures

Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.