National investment fraud lawyers KlaymanToskes is investigating Jason Wilk in light of his recent bar from the securities industry for failing to provide testimony relating to an excessive trading investigation. Read more below to learn about KlaymanToskes’ Worden Capital Jason Wilk Investigation.
Per FINRA, excessive trading occurs when a broker recommends a high number of trades that, in the aggregate, fail to align with the customer’s investment goals and financial circumstances.
Churning involves the broker’s intent to defraud the customer or was carried out with reckless disregard for a customer’s interests. Churning is considered securities fraud.
In 2019, FINRA began investigating Wilk to determine whether Wilk excessively traded a customer’s account. According to FINRA, the former Worden Capital broker’s trading in the customer account between May 2018 and March 2019 resulted in a high cost-to-equity ratio and a turnover rate that indicated excessive trading had occurred.
According to FINRA, brokerage firms and its financial advisors that excessively traded or “churn” a brokerage account are in violation securities industry rules and regulations. KlaymanToskes can help you determine whether an investment loss is the result of a financial brokerage firm and their financial advisor’s excessive trading or “churning of an investment account. If an investor suffers losses as a result of excessive trading or “churning they may be able recover their losses in a FINRA arbitration claim.
Wilk was required to appear and provide testimony, but he failed to do so. On March 3, 2022, FINRA barred Wilk from associating with any FINRA member in all capacities.
According to BrokerCheck, in October 2019, a customer filed a FINRA arbitration claim against Wilk alleging common law fraud, negligent misrepresentation, breach of fiduciary duty, failure to supervise, and negligence. Worden Capital was the employing firm at the time.
The claim settled for $162,500.
According to BrokerCheck, Wilk was registered with the following firms:
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. KlaymanToskes has recovered more than $230 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
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