Jonathan Buchanan

The Arizona Securities Commission issued a default order against former securities salesman, Jonathan Fraser Buchanan of Chandler, requiring him to pay $4.5 million in restitution and $200,000 in administrative penalties for defrauding his clients. According to the Commission, Buchanan, who is also a licensed insurance producer, fraudulently offered and sold various types of securities, including debentures and certificates. Of the 23 investors, some were elderly and one was a Tempe church that invested $1 million. While employed by Ameriprise Financial Services, Inc. and LPL Financial Corp., Buchanan engaged in a dishonest and unethical practice known as �selling away� by promoting the debentures and certificates without the authorization of his securities dealer. After misrepresenting the investments as secure with a monthly income impervious to any market fluctuations, Buchanan persuaded his clients to sell other investments such as certificates of deposits and mutual fund accounts. He told clients they were investing in one or more coal companies and falsely claimed that these securities would be sold through his dealer. Buchanan deposited investor money into his own bank account and manufactured client account statements that reflected fictitious interest earnings.

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