Erez Law is investigating claims regarding Marc William Evans (CRD #859585, Tulsa, Oklahoma) for selling investments in Global Safety Labs, Inc., and several real-estate related limited partnerships, none of which were approved by his member firm. Evans recently submitted an AWC in which he was fined $10,000, suspended from association with any FINRA member in any capacity for 13 months and ordered to pay $56,572, plus interest, in disgorgement of commission. See FINRA Case #2013038421801. The suspension is in effect from December 15, 2014, through January 14, 2016. Evans was registered with Sanders Morris Harris, Inc., from November 2005 until December 2012 when he commenced registration with Wunderlich Securities, Inc.
FINRA found that between October 1, 2006 and October 12, 2007, Evans introduced 11 of his brokerage clients to Global Safety Labs, Inc. (“GSL”), a Tulsa, Oklahoma-based company which develops and manufactures fire-retardant/retardation products, as a potential investment. The 11 clients ultimately invested in GSL, as did Evans, who received commissions totaling $79,500 from GSL as a result of these sales, according to FINRA. FINRA also found that between April 13, 2007 and October 11, 2012, Evans solicited sales of limited-partnership interests in eleven real-estate limited partnerships to 15 high-net worth individuals and entities. These limited partnerships included: : The Colonies at Hillside, LP; Nickel Creek Apartments, LP; Case Vintage on Yale, LP; Case 2009 Commercial Properties, LP; The Park at Westpointe, LP; The Park at Westpointe Il, LP; The Park at Mission Hills, LP; The Park at Mission Hills II, LP; Tuscany Hills at Nickel Creek, LP; The Park at Coulter, LP; and Tuscana Bay Apartments, LP. Evans received commission payments totaling $56,572 for the sales. Neither the GSL investments, nor the real-estate limited partnerships were approved by Evans’ member firm, according to FINRA. In entering into the AWC, Evans neither admitted nor denied FINRA’s findings.
FINRA’s sanctions take into account the suspension and fine the Oklahoma Department of Securities imposed against Evans. In April 2013, the Oklahoma Department of Securities issued a Consent Order imposing a three-month suspension and an $80,000 fine against Evans, based on findings that Evans had failed to report his membership on the board of directors of Global Safety Labs, Inc. (“GSL”) to his firm and failing to seek and obtain approval from his firm for his participation in and receipt of compensation for transactions involving the sale of securities issued by Global Safety Labs, Inc. See In re Marc W. Evans, ODS File No. 13-024, Consent Order (Apr. 1, 2013).
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Sanders Morris Harris, Inc., or Wunderlich Securities, Inc., may be liable for investment or other losses suffered by Evans’ customers during the time Evans was registered with the firm.
If you were a client of Evans, Sanders Morris Harris, Inc., or Wunderlich Securities, Inc., and have suffered investment losses or financial irregularities or invested in promissory notes or limited partnership agreements, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”