COVID-19 UPDATE: We're Open and Ready to Serve Our ClientsLearn More Here

Shepherd Smith Edwards and Kantas Investigates Complaints Involving Ex-Raymond James Broker John Wyshak

Former Raymond James (RJF) broker John Charles Wyshak is under scrutiny by our investor lawyers at SSEK Law Firm. If you are someone who previously worked with Wyshak as your financial representative while he was registered with Raymond James or any other broker-dealer, and you suffered substantial losses, your first consultation with us is a free, no obligation case assessment.

After over thirty years in the securities industry, Wyshak is no longer a registered broker or investment adviser. Recently, a Financial Industry Regulatory Authority (FINRA) arbitration panel ruled against Wyshak and in favor of Raymond James, ordering him to pay the firm nearly $1M for previous investor fraud claims involving his allegedly fraudulent actions and for breaching an agreement with the broker-dealer.

Wyshak left Raymond James last year. Now, the FINRA arbitrators want him to pay the firm more than $932K in compensatory damages, in addition to 10% interest and thousands of dollars in other fees.

Of the 11 disclosures listed on Wyshak’s BrokerCheck record, four of them are customer disputes with allegations ranging from the following:

    • Unauthorized trading
    • Excessive commissions
    • Breach of fiduciary duty
    • Fraud
    • Omissions
    • Breach of contract
    • Churning

The highest settlement reached to date in the broker fraud claims against Wyshak is $700K. Two of the investor disputes against him are pending.

Meantime, Raymond James has had contend with inadequate supervision allegations brought by former clients of Wyshak for losses they sustained that they believe were due to his negligent actions. Of the compensatory damages awarded to the broker-dealer in its FINRA case against him, $700K is for investor losses.

Previously, Wyshak has been a registered broker for Wedbush Securities, Ryan, Beck, and Co., Gruntal & Co., Merrill Lynch, Pierce, Penner, and Smith, Bear Stearns and Co., Smith Barney Shearson, Lehman Brothers, and Dean Witter Reynolds, which fired him in 1988 over claims that he engaged in unauthorized trading. Wyshak notes in BrokerCheck that the unauthorized trading case that led to his termination was closed and dismissed, the trade was reversed, and the client didn’t not lose any money.

Over the years, our broker fraud lawyers at Shepherd Smith Edwards and Kantas have brought many successful investor claims against broker-dealers for the negligent or fraudulent actions of their brokers and former brokers. Sometimes the negligent actions may have been caused directly by the firms and their policies.

Recently, Raymond James & Associates, Inc., Raymond James Financial Services Advisors, Inc., and Raymond James Financial Services, Inc. arrived at a $15M settlement with the US Securities and Exchange Commission (SEC) to resolve civil allegations accusing the firms of charging unit investment trust (UIT) clients excess commissions, as well as improperly charging advisory fees to the accounts of clients that were no longer active with the firm. Such commissions and fees can add up and may result in substantial and unnecessary losses.

Brokerage Firm Misconduct Attorneys
Contact our brokerage firm misconduct lawyers at SSEK Law Firm today if you believe your losses are due to fraud by a Raymond James broker or negligence by the firm. Allow us to explore your legal options with you. Over the years, we have helped thousands of investors nationwide in recouping their losses.

800-259-9010
sseklaw.com

Contact Information