FINRA Suspends Former Raymond James Broker Over Unauthorized Trades in Elderly Client's Account

Posted on May 15th, 2025 at 2:05 PM
FINRA Suspends Former Raymond James Broker Over Unauthorized Trades in Elderly Client's Account

From the desk of Jim Eccleston at Eccleston Law

FINRA has suspended a former Raymond James advisor for three months and ordered him to pay over $23,000 in fines and disgorgement for executing unauthorized trades in an elderly client’s account. According to AdvisorHub, Jonathan Best placed 71 trades totaling approximately $14 million in principal value between December 2017 and December 2019 without obtaining permission, according to FINRA’s settlement known as an Acceptance, Waiver and Consent (“AWC”).

The sanctions include a $12,500 fine and the disgorgement of $10,700 in commissions. Best neither admitted nor denied FINRA’s findings in the AWC.

The affected customer had been diagnosed with Alzheimer’s in 2014. AdvisorHub reports that, initially, the advisor refrained from making trades and attempted to have a relative certify the client as incapacitated so that he could be granted co-power of attorney.

Despite his knowledge of the client’s condition, Best failed to disclose critical information to Raymond James, including the fact that she lived in a memory care facility and was unable to discuss or understand investments. He also did not escalate concerns to the firm’s Senior and At-Risk Investor Group, a policy requirement since May 2017. Additionally, Best falsely attested in compliance questionnaires that he had no concerns about any senior or vulnerable clients’ mental capacity, according to FINRA.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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