John Charles Wyshak of Los Angeles California a stockbroker formerly registered with Raymond James Associates Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to provide information to FINRA after it was requested of him. Case No. 2018057445601 (Feb. 3, 2020).
According to FINRA Public Disclosure, Wyshak was issued a Notice of Suspension letter from the regulator on January 9, 2020 and a Suspension from Association letter on February 3, 2020. The stockbroker is expected to be barred on April 13, 2020 if he does not seek termination of this suspension.
Wyshak is the subject of five customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including Wedbush Securities, Gruntal Co. LLC. and Raymond James Associates. FINRA Public Disclosure indicates that a customer initiated investment related complaint pertaining to Wyshak was settled for $45,000.00 in damages supported by allegations that transactions were facilitated in the customer’s account in an excessive manner by Wyshak while he was employed by Gruntal Co.
On October 16, 2018, a customer initiated investment related arbitration claim regarding Wyshak’s conduct was resolved for $700,000.00 in damages based upon accusations that the customer had been defrauded. FINRA Arbitration No. 18-00326. The claim alleges breach of contract and breach of fiduciary duty by Wyshak as it pertained to the customer’s equities transactions between October of 2014 and November of 2017. According to the claim, an unreasonable portion of the customer’s assets were allocated in aggressive investments and the customer’s account had been churned. The claim also alleges fraudulent concealment and conversion relating to transactions effected by Wyshak while registered with Raymond James Associates.
Wyshak is also referenced in a customer initiated investment related complaint on June 17, 2019 in which the customer requested $131,783.00 in damages based upon allegations of the stockbroker’s violation of FINRA Rule 2020 and New York Stock Exchange (NYSE) Rule 405. According to the claim, the customer’s funds were converted by the stockbroker. The customer was allegedly charged excessive commissions on unit investment trust and options transactions. A fiduciary duty that was owed to the customer had allegedly been breached by Wyshak. The claim also alleges that trades were effected in the customer’s account on an unsuitable basis and without the customer’s knowledge or consent when Wyshak was associated with Raymond James Associates.
Wyshak has also been identified in a customer initiated investment related complaint on August 19, 2019 where the customer sought unspecified damages founded on accusations that trades were executed without the customer’s permission during the time that Wyshak was employed by Raymond James Associates. On January 2, 2020, another customer filed an investment related complaint involving Wyshak’s conduct in which the customer requested $1,369,868.00 in damages based upon allegations including fraudulent concealment and bad investment recommendations by Wyshak when he was registered with Wedbush Securities Inc. The claim also alleges that Wyshak effected unauthorized and excessive trades.
Wyshak’s employment with Raymond James Associates was terminated on August 1, 2018.
