Securities Lawyers Blog
The Financial Industry Regulatory Authority (FINRA) sanctioned broker Marc Evans (Evans) concerning allegations that between October 2006 and October 2012, Evans participated in private securities transactions, also referred to as “selling away”, without prior approval of his brokerage firm. In addition, FINRA found that Evans did not disclose his membership on the board of directors of a corporation.
Marc W. Evans entered the securities industry in 1978. From November 2005 through December 2012, Evans was registered with brokerage firm Sanders Morris Harris, Inc. (Sanders Morris). Thereafter, Evans became associated with Wunderlich Securities, Inc.
FINRA alleged that between October 2006 and October 2007, Evans introduced 11 of his brokerage clients to invest in a company called Global Safety Labs, Inc. (GSL), a Tulsa, Oklahoma company. GSL develops and manufactures fire-retardant products. FINRA found that the eleven clients ultimately invested a combined total of $3,430,000 in GSL stock shares. FINRA found that Evans received commissions totaling $79,500 from GSL from these sales.