FINRA barred former Wedbush Securities broker Jonathan Walter Way, who resigned from Wedbush's Napa, CA location in 2022, for failing to cooperate with an investigation into potential sales practice violations. A pending customer dispute seeking $1 million in damages alleges Way engaged in excessive, unauthorized, and unsuitable trading in a client's account.
In August 2022, Wedbush permitted Jonathan Way (CRD #1126849) to resign from the firm while under internal review for potential sales practice violations, only for a former Wedbush customer to file a dispute alleging excessive, unauthorized, and unsuitable trading two months after Way left the firm.
Although the $1 million complaint remains pending, this wouldn't be Way's first brush with a customer alleging suitability violations. In 1995, a customer filed a complaint against Way alleging churning, suitability, misrepresentation, and failure to supervise when Way worked at Smith Barney. That complaint was settled for $85,000. Smith Barney permitted Way to resign in the aftermath of the complaint.
Four years later, the Ohio Division of Securities denied Way's application for a securities salesman license after finding Way was "not of good business repute."
If you invested with Wedbush Securities ex-broker Jonathan Walter Way or with any investment adviser or registered representative who excessively traded in your account without authorization and these unsuitable recommendations or transactions have proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.