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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.
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.