Michael Christopher Evangelista (CRD #2361644, West Chester, Pennsylvania) recently submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Evangelista consented to the sanction and to the entry of findings that he 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. The findings stated that Evangelista referred approximately six customers to a third party, and those customers later invested in real estate securities issued by an entity that purportedly invested in real estate. Evangelista received at least $50,000 in compensation in connection with these referrals. The findings also stated 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. The findings also included that during the course of FINRA’s investigation, Evangelista provided information that he knew to be incomplete and/or inaccurate by claiming that he did not receive compensation for referring clients to the entity. Evangelista subsequently admitted during his on-the record testimony that he had received compensation from the president of the entity in connection with his firms’ clients’ investments.
For the full FINRA findings, see FINRA Case #2012035327601.
According to his FINRA Broker Check, Evangelista was registered with Cambridge Investment Research from January 2008 through May 2012 and Comprehensive Asset Management and Servicing from May 2012 through December 2012.
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