Overview
On March 5, 2025, FINRA Accepted a Letter of Acceptance, Waiver, and Consent (“AWC”) from Jonathan E. Best (CRD No. 2225091) related to alleged unauthorized trades he made in a senior investor’s account, suffering from Alzheimer’s disease, and false compliance attestations regarding the same. According to the filings, Best made unauthorized trades in a senior investor’s account who was a widow in her late 80s suffering from Alzheimer’s disease. Without admitting or denying FINRA’s allegations, and as a settlement to FINRA’s inquiry into the transactions, Best accepted the AWC, which suspended him from associating with any FINRA firm for three months, fined him $12,500, and ordered him to pay disgorgement of $10,760.88. The disgorgement reflected the amount Best had earned in commission for placing the unauthorized trades.
Best’s Unauthorized Trading and False Misrepresentations to Raymond James Violated FINRA Rule 2010
Under FINRA Rule 2010, financial advisors must “observe high standards of commercial honor and just and equitable principles of trade.” Here, Best violated this rule by making 71 unauthorized trades in his client’s account between December 2017 and December 2019. He further violated this rule by making false representations to Raymond James, in January 2018 and January 2019, that he did not have any senior investors or other clients displaying vulnerable conditions. According to filings, Best was well aware of his client’s declining cognitive state prior to making the unauthorized trades and attestations.
Impacted Investors
If you believe your financial advisor has made unauthorized trades in your account, in violation of FINRA Rule 2010, do not hesitate to contact our office at 800-556-3526 or complete our contact form for a free consultation. We work on a contingency fee basis to try to recover losses. In other words, if we do not obtain a recovery, you do not owe us any legal fees. Act before time runs out on your claim.