FINRA Bars John Wyshak After Two Regulatory Actions

John Wyshak (John Charles Wyshak CRD: #1272260) is a former registered broker and investment advisor. His last known employer was Raymond James & Associates, Inc. (CRD#:705) of Los Angeles, CA. His previous employers include Wedbush Securities Inc. (CRD#:877), also of Los Angeles, Ryan, Beck & Co., LLC. (CRD#:3248) of Florham Park, NJ, and Gruntal & Co., L.L.C. (CRD#:372), of New York, NY. He has been in the industry since 1984.

A customer dispute filed on 01/29/2018 alleged that Wyshak engaged in actions such as fraud, breach of contract, conversion, churning, fraudulent concealment, and other industry violations from 10/2014 through 11/2017. The two clients requested damages of $1,023,460.00, and his employer, Raymond James & Associates, settled the case for $700,000.

Wyshak’s employment at Raymond James was terminated on 8/1/2018, and the firm filed a statement of claim on 9/28/2018, with an amended statement of claim on 7/25/2019. The firm asserted a breach of loan agreement signed on 11/3/2014, adding indemnification as the cause of action in the amended claim. This includes the cost of defending Wyshak in the customer dispute. Because of the many Ethics/Corporate Policy & Handbook Certifications he signed as part of his employment, Wyshak agreed to indemnify the Raymond James and reimburse them for all costs associated with settling the client’s claim, as well as other associated charges such as attorney’s fees.

In his statement of answer, Wyshak replied that he was unable to repay the signing bonus he received, and that his book of former clients had been reassigned to other agents, allowing the company to recoup the losses.

FINRA awarded Raymond James compensatory damages with interest, attorneys fees, filing fees to FINRA, and other costs involved in the claim on 10/14/2019.

During the FINRA hearing, Wyshak failed to respond to a request for information. On 1/9/2020 and 2/3/2020, FINRA sent letters of suspension to Wyshak. On 4/13/2020, FINRA informed Wyshak that he was barred from any association with a member broker.

FINRA then notified Wyshak on 1/17/2020 that he had not complied with the settlement agreement nor responded to a request by FINRA requesting information on his compliance. He was again suspended, effective immediately, for failing to reply to the request. The suspension continues indefinitely until the settlement is paid and/or he responds to FINRA’s request for information.

Wyshak also has a current pending customer dispute filed on 1/7/2020. The client’s allegations include excessive trading, unauthorized trades, unsuitable investment recommendations, committed fraudulent concealment, breached fiduciary duty, and violated multiple industry rules and standards. The client has requested damages totaling $1,369,868.00.

Wyshak is also the subject of six tax liens totaling $226,306.50, dating from 2008 to 2013.

Did You Invest With John Wyshak?

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