Erez Law is investigating claims regarding Michael Christopher Evangelista (CRD #2361644, West Chester, Pennsylvania). Evangelista recently submitted an AWC in which he permanently was barred from association with any FINRA member in any capacity. See FINRA Case #2012035327601. From November 1994 to December 2012, Evangelista was registered with the following FINRA regulated broker-dealers: (1) Capital Analysts, Inc. from November 1994 to December 2007; (2) Cambridge Investment Research, Inc. from January 2008 to May 2012; and (3) Comprehensive Asset Management and Servicing, Inc. (“Comprehensive”) from May 2012 to December 2012.
FINRA found that Evangelista failed to disclose to his member firms that firm customers were purchasing securities away from the firms or that he was being compensated in connection with his referrals. Evangelista referred approximately six customers to a third party, and those customers later invested in real estate securities (either in the form of promissory notes or limited partnership agreements) issued by an entity that purportedly invested in real estate, according to FINRA. Evangelista received at least $50,000 in compensation in connection with these referrals. FINRA also found that Evangelista lacked a reasonable basis to recommend to his customers that they purchase the securities the entity issued, given his failure to perform a reasonable investigation and appropriate due diligence on the investment. In entering into the AWC, Evangelista neither admitted nor denied FINRA’s findings.
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, Capital Analysts, Cambridge Investment Research, or Comprehensive Asset Management and Serving may be liable for investment or other losses suffered by Evangelista’s customers.
If you were a client of Evangelista, Capital Analysts, Cambridge Investment Research, or Comprehensive Asset Management and Serving, 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.”