National investment fraud lawyers KlaymanToskes is investigating broker Jason Ryan Jaynes following $30 million in customer complaints filed over the last few years. After leaving Merrill Lynch in 2019, Jaynes joined The Wilshire Group at Wells Fargo’s Plano, Texas branch. Since then, nearly $5 million in settlements have been paid to investors to remedy Jayne’s unsuitable investments advice. This has raised concerns over Wells Fargo and Merrill Lynch’s supervision of Jaynes and The Wilshire Group.
Investors that suffered losses with Jason Jaynes or other advisors in the Wells Fargo Plano, TX branch have recovery options. Contact attorney Lawrence L. Klayman at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation.
Jason Ryan Jaynes (CRD# 5555100) has received more than $30 million in customer complaints since beginning his employment at Wells Fargo Clearing Services LLC, according to his BrokerCheck report.
On August 7, 2022, FINRA arbitration case 20-02353 was filed by investors seeking damages in excess of $13,000,000. FINRA reported, “Claimants allege that their Financial Advisors made unsuitable recommendations and neglected to reduce the over-concentrated and over-leveraged nature of their accounts.”
While Jaynes commented that “any losses resulted from the historic impact of the Covid-19 pandemic on the oil and gas market…,” it was the responsibility of Wells Fargo and Jaynes to implement risk-management strategies to protect customers from the catastrophic risks of securities concentration. Had Jaynes followed the simple strategy of diversification, the Claimants would not have been over-concentrated and over-leveraged, and therefore, could have mitigated their losses.
On January 25, 2021, FINRA received a second complaint alleging that the investors lost $18,000,000 at Jaynes’ advice while still registered with Merrill Lynch. According to FINRA, “The customers allege unsuitable investment recommendations and misrepresentations from February 2013 through December 2019.” The unsuitable investments included commodity futures, except commodity options.
This matter settled last month for $2,850,000 in favor of the investor.
Jason Jaynes (CRD#: 5555100) has 14 years of experience in the brokerage industry and has been registered at the following firms:
Jason Jaynes is currently Senior Vice President of Investments at Wells Fargo’s Wilshire Group in Plano, TX. However, he is not the only member of the Wilshire Group that been subject to investor complaints. Among the Group are Managing Directors, Jeff Dinkins (CRD#: 4503910) and Andrew McGrath (CRD#: 4464373). Jeff Dinkins also has one disclosure in which an investor filed a $300,000 claim for failure to follow instructions.
Effected investors that trusted Jason Jaynes or The Wilshire Group to manage their assets at either Wells Fargo OR Merrill Lynch have legal options to recover their losses. Contact Lawrence L. Klayman, Esq., at 1-888-997-9956, or lklayman@klaymantoskes.com to discuss your potential case today.
When a client opens a brokerage account with a FINRA-regulated brokerage firm such as Wells Fargo or Merrill Lynch, they are bound to handle disputes through FINRA’s dispute resolution service, also known as arbitration.
Luckily, FINRA arbitration presents a customer friendly and cost-effective way to resolve disputes with registered brokerage firms and/or financial advisors. The law firm of KlaymanToskes presents the same.
KlaymanToskes offers legal services on a contingency fee basis, meaning that we do not get paid unless we are able to obtain a recovery. This saves investors the worry of paying attorney’s fees out of pocket. KlaymanToskes also has the experience and resources dedicated to your case, allowing the firm to recover over $250 million for investors in FINRA arbitrations alone.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com