A Chandler man, David F. Evans, and Q Financial Design has been ordered by the Arizona Corporation Commission to pay a $1,000 administrative penalty for providing investment advisory services for compensation without being licensed.
The Commission found that, for more than 11 years, Q Financial Design and Evans had been licensed in Arizona as an investment adviser and investment adviser representative. However, despite multiple notifications by the Financial Industry Regulatory Authority, they failed to renew their licenses and pay the required fees for 2022.
Evans and Q Financial Design continued to provide investment advisory services to eight clients and collected fees for these services without the required licensing.