How to Bring a Claim Against Former Raymond James & Associates, Inc. Broker John Wyshak
Posted on Wednesday, October 30th, 2019 at 10:00 am
Were you the victim of former Raymond James & Associates, Inc. broker John Wyshak (CRD# 1272260)? Wyshak was registered with Raymond James & Associates, Inc. in Los Angeles, California from 2014 to 2018 and previously with Wedbush Securities Inc. in Los Angeles, California from 2002 to 2014. Wyshak was registered with seven other brokerage firms between 1988 and 2002.
Wyshak was terminated from the first brokerage firm in which he was employed, Dean Witter Reynolds, Inc., which he was employed at from 1984 to 1988 regarding, “Unauthorized trade in customer acct. Customer had $5,000 in a dean witter option income fund for 3 yrs. With no real growth. I switched the fund to a DWR dividend income fund and then notified the client.”
In April 2020, FINRA barred Wyshak after he failed to respond to FINRA request for information.
In January 2020, FINRA suspended Wyshak after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
Wyshak has been the subject of five customer complaints between 1999 and 2020, one of which was closed without action and one was denied, according to his CRD report. Recent complaints include:
January 2020. “The claimants alleged that from mid 2010 to 2014, the financial advisor entered many unauthorized trades, engaged in excessive trading. Claims for fraudulent concealment, breach of fiduciary duty, unsuitable investment recommendations and violations of industry rules and standards among other violations.” The customer sought $1,369,868 in damages in this pending complaint.
January 2018. “Respondeat Superior, Concentration, Breach of Fiduciary Duty, Fraud, Churning, Failure to Supervise, Omission of Material Facts, Conversion, Breach of Contract, Fraudulent Concealment, Violations of Industry Rules and Standards Activity date: 10/2014-11/2017.” The customer sought $1,023,460 in damages and the case was settled for $700,000. The complaint took place while Wyshak was employed by Raymond James & Associates, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Wyshak’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.