Former Broker Evan Kochav of Jersey City Indicted & Charged with Stealing $561K from Investors
Meyer Wilson is currently investigating claims that accuse former broker Evan Kochav of stealing $561,000 from his clients.
Former broker Evan Matthew Kochav (CRD# 4707447) has been indicted on charges of stealing money from his clients. Kochav was a registered broker with World Equity Group from October 18, 2012 until he was terminated on June 6, 2013 for "violating firm policies and engaging in prohibited activities," according to his Letter of Acceptance, Waiver & Consent.
Specifically, World Equity Group found out that Kochav had control over his customer's brokerage account checkbook, a fact that he did not disclose to the firm. Because Kochav failed to comply with FINRA's investigation into the matter by responding to its requests for information, FINRA barred Kochav from the securities industry.
The criminal charges facing Kochav allege that from 2012 to 2014, he stole $561,000 from clients of his investment firm and spent the money on personal pleasures ranging from gambling to football tickets.
According to the indictment, Kochav stole from ten clients who had invested in his firm "White Cedar Group." Authorities say that White Cedar Group was not a legitimate firm but rather a front set up for the express purpose of diverting money to fund Kochav's gambling. Some of the money may also have been used to fund gifts for his wife.
Did you invest your money with Evan Kochav and lose money? If you did, we invite you to contact the investment fraud lawyers at Meyer Wilson for a free review of your case.