Otho Evans: Did RBC Advisor Misrepresent Investments?

Houston financial advisor Otho Evans (CRD# 1199304) allegedly made misrepresentations regarding the investments he recommended, according to a recent investor complaint. Records provided by the Financial Industry Regulatory Authority show that he is currently a broker and an investment advisor with RBC Capital Markets.

Mr. Evans’ BrokerCheck report discloses one investor complaint. Filed in March 2023, the complaint alleges that as a representative of RBC Capital Markets, he misrepresented high-risk investments in structured products and breached his fiduciary duty to act in the clients’ best interests. The pending complaint alleges unspecified damages believed to exceed $5,000.

For reference, securities industry rules and regulations forbid brokers like Mr. Evans from misrepresenting of material facts regarding investments and strategies they recommend to their clients. FINRA Rule 2020 specifically stipulates that no broker shall “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” A material fact is a piece of information that would pose a significant consideration to investors considering a product or strategy: whether their principal investment would be protected, for instance, or whether the investment is risky. Brokers who misrepresent investments may be liable in the event of losses.

According to the Financial Industry Regulatory Authority, Otho Evans holds 37 years of securities industry experience. Based in Houston, Texas, he has been a broker and an investment advisor with RBC Capital Markets since 2012 and 2014, respectively. His registration history includes Morgan Stanley Smith Barney, Morgan Stanley & Company, Security Church Finance, Lincoln Financial Advisors Corporation, the Lincoln National Life Insurance Company, American General Securities, First Allied Securities, DE Frey & Company, Powell & Satterfield, Westcap Government Securities, Lovett Underwood Neuhaus & Webb, Underwood Neuhaus & Company, and Buchanan & Company. His credentials include the passage of seven securities industry qualifying exams: the Municipal Securities Principal Examination, or Series 53; the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in California, Colorado,Delaware, Florida, Georgia, Kansas, New Mexico, New York, Pennsylvania, Texas, and Washington. (Information current as of April 22, 2023.)

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