stockbroker misconduct

Jonathan Walter Way  of Napa, California, a stockbroker registered with Wedbush Securities Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Way failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2022076025501 (June 29, 2023).

FINRA’s investigation arose from a Form U5 submitted on August 18, 2022, by Wedbush Securities. It mentioned that Way was allowed to resign as a stockbroker while being internally investigated for potential sales-related misconduct.

On October 12, 2022, FINRA asked Way for related documents and information in an investigation. Way answered this first request on November 2, 2022. Next, on March 6, 2023, as part of their ongoing inquiry, FINRA issued an extra request to Way for more details and documents. Way didn’t reply to this March 6 request. Then on May 4, 2023, FINRA sent Way another Rule 8210 request. As confirmed during his lawyer’s phone discussions with FINRA in May of 2023, Way admitted that he got FINRA’s further requests and refused to comply.

By declining to supply the requested documents or information, Way violated FINRA Rules 8210 and 2010.

Public Disclosure shows that Way was also referenced in a customer initiated investment related NASD securities arbitration claim that was settled for $85,000.00 in damages based upon allegations that Way made unsuitable recommendations, engaged in unauthorized trading, and churned accounts when Way was associated with Smith Barney. NASD Arbitration No. 95-05604 (April 3, 1996).

On December 23, 2022, a customer filed an investment related FINRA securities arbitration claim involving Way’s conduct in which the customer requested $1,000,000.00 in damages based upon allegations that Way engaged in unauthorized, excessive, and unsuitable trading of over-the-counter equities during the time that Way was associated with Wedbush Securities Inc. FINRA Arbitration No. 22-02793.

Way was associated with Wedbush Securities Inc. as a stockbroker between September 23, 2002, and August 18, 2022.