FINRA barred broker Jon Eric Guay of San Jose, California for converting $225,000 from multiple elderly customers through false representations and for his own personal use.
According to the findings, in 2011 and 2012, while Guay worked as a broker for Wunderlich Securities, Inc., two elderly customers transferred a total of $125,000 from their personal bank accounts to Guay after Guay made representations to the customer that he would use the funds to open a futures trading account and invest in Blake Financial Services where it would earn 3% annually. A third customer transferred $100,000 to Guay after he made a similar representation.
Investigators concluded that Guay's representations were false after he allegedly accepted the funds, deposited them in a bank account under his control and then improperly used the funds by paying for personal expenses and trading in Guay's personal futures accounts.
Furthermore, Guay allegedly failed to inform his employing member firm with written notice prior to becoming involved in a series of private securities transactions on behalf of a brokerage customer who invested $300,000 in a mutual fund.
The investigation states that by engaging in such actions, Guay violated multiple FINRA/NASD Rules and failed to observe "high standards of commercial honor and just and equitable principles of trade," misconduct deserving of banishment from the securities industry.
If you have invested with Jon Eric Guay or with any other broker or financial professional who has solicited or otherwise generated investments through the use of false representations, misleading or unsuitable recommendations or omission of material fact, and the reliance on such inaccuracies have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.