NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Michael Wayne Evans
OS/2009017222501

Evans converted securities and funds in the joint brokerage account of customers, without their knowledge, authorization or consent, and deposited the funds into his personal checking account, converting an aggregate total of $60,000. 

Evans forged a customer’s signature on checks linked to the customers’ bank account and made the checks payable to “cash” or to himself. Evans forged the customer’s signature on a cash withdrawal form linked to the customers’ bank account. Without the customers’ knowledge, authorization or consent, Evans sold securities totaling $30,000 from their brokerage account, transferred $10,000 to their bank deposit account and applied $10,000 to their brokerage account margin balance.

Evans failed to respond to FINRA requests for a signed, written statement regarding its investigation.

Michael Wayne Evans : No restitution sought by FINRA because Evan's former firm reimbursed full losses; Barred. NOTE: Evans reimbursed his former firm approximately $47,000 of the $60,000 that he misappropriated from the customers and is in the process of earning the remaining $13,000.

Tags: Checks  Forgery