State Securities Regulator Seeks to Ban Former Capital Planning Group Investment Adviser
Massachusetts securities regulator William Galvin has fined MassMutual broker-dealer subsidiary MML Investors Services $250K for its alleged failure to supervise its former registered representative Charles Jonathan Evan. The ex-Wellesley, MA broker is also a former registered investment adviser who most recently was with Capital Planning Group of Massachusetts, Inc. Both Evan and Capital Planning are respondents in a separate but related civil complaint brought by the state.
According to Galvin’s office, Evan allegedly pressured investors to buy high-commission insurance products that were unsuitable for them. The state securities regulator is seeking to permanently bar him from operating as a financial advisor in Massachusetts.