National investment loss lawyers KlaymanToskes reports broker/investment advisor Jonathan Walter Way (CRD# 1126849) of Wedbush Securities has been permanently barred from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”).
FINRA’s decision comes after Way refused to produce investigation-related information regarding his former firm’s Form U5 disclosure that stated he was permitted to resign while under an internal review for potential sales practice violations.
According to FINRA BrokerCheck, Jonathan Way was previously registered with Wedbush Securities Inc. from 2002 to 2022 in Napa, CA. Way is currently facing a pending customer complaint which alleges $1,000,000 in damages due to excessive, unauthorized, and unsuitable trading.
Investors that suffered losses with Jonathan Way may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options at no cost.
On June 29th, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Jonathan Walter Way, disclosing that he consented to sanctions of a permanent bar from associating with any FINRA member in all capacities.
According to the AWC, the matter originated from FINRA’s examination of a Form U5 filed by Wedbush Securities on August 18, 2022 which stated that Way was permitted to resign while under internal review for “potential sales practice violations”. FINRA’s Form U5 is the “uniform termination notice for securities industry registration,” used by brokerage firms each time one of their registered employees leaves the firm, for any reason.
On October 12, 2022, in connection with its investigation of the amended Form U5 filed byWedbush, FINRA sent a request to Way for the production of documents and information pursuant to FINRA Rule 8210. Way allegedly responded to FINRA’s initial request on November 2, 2022, but failed to respond to subsequent requests in March and May of 2023.
As of May 10 and May 22, 2023, Way acknowledged that he received FINRA’s additional requests and would not produce the requested documents and information at any time. By failing to produce the documents and information as requested by FINRA, Jonathan Way violated FINRA Rules 8210 and 2010.
Under FINRA Rule 8210, all brokerage firms and registered financial professionals are required to provide information, documents, and testimony upon regulators’ requests.
A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
Former customers of Jonathan Way that suffered losses at Wedbush Securities are encouraged to contact our firm immediately to discuss recovery options at 888-997-9956 or on the web at www.klaymantoskes.com.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. 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