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Jon Best Allegedly Executed Unauthorized Trades

Jon Best (CRD #: 2225091), a broker formerly registered with Raymond James Financial Services, is the subject of a FINRA complaint. This is according to his BrokerCheck record, accessed on January 16, 2025. Keep reading if you have questions regarding his alleged conduct. 

FINRA Complaint

On December 13, 2024, FINRA filed a complaint alleging that Jon Best executed 71 unauthorized trades in the account of a senior client with diminished capacity.

According to the complaint, Customer A allegedly executed estate planning documents on February 15, 2013 that stated Jon Best would be granted co-power of attorney in the event that two physicians deemed her to be incapacitated.

Raymond James Financial Services’ firm policies allegedly prohibited brokers from serving as power of attorney for clients unless approved by their supervisor and the firm’s central compliance department.

The complaint alleges that, in April 2014, Jon Best became aware that Customer A had been diagnosed with early Alzheimer’s disease, and in October she was no longer able to provide him with authorization to execute transactions.

In 2015 and 2016, Jon Best allegedly made requests to a relative of Customer A to trigger his co-power of attorney so he could transact in her account, but the complaint alleges these were not fulfilled. His firm allegedly also denied his request for approval to serve as co-power of attorney in the future and asked him to recuse himself from this appointment.

The complaint alleges that Jon Best did not have authorization to transact in Customer A’s account when he purchased 71 laddered certificates of deposit in 2017 using cash proceeds from the client’s matured and called bonds. He allegedly earned $10,760.88 in compensation related to these trades.

Additionally, the complaint alleges that, on 2018 and 2019 firm compliance attestations, Jon Best falsely answered “no” to a question asking if he had “any senior investors or other vulnerable adults for which [he was] concerned with their capacity to make sound decisions.”

The complaint alleges that Jon Best violated FINRA Rule 2010. This complaint is currently pending. You can read it here.

High Standards of Commercial Honor

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Investor Dispute 

On November 4, 2020, an investor alleged that Jon Best recommended unsuitable investments and engaged in unauthorized trading. The dispute was settled for $275,000. 

Unauthorized Trading

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion in pre-approved discretionary accounts.

Unsuitable Investment Recommendations

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles contain information such as investors’ risk tolerance, tax status, and financial goals.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information 

Jon Best has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 
  • Series 24 General Securities Representative Examination 

In the past, Jon Best has registered with three firms: 

  • Raymond James Financial Services (CRD #: 6694) 
  • PrimeVest Financial Services (CRD #: 15340) 
  • Aragon Financial Services (CRD #: 16023) 

Kurta Law Can Help 

If you have worked with Jon Best and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.