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Jon McGraw Named in SEC Complaint

Feb 15, 2022 SEC Complaint

Jon McGraw (CRD #:2056654), a broker formerly registered with Purshe Kaplan Sterling Investments, was named in an SEC complaint according to his BrokerCheck Record accessed on January 20, 2022. 

SEC Complaint

On September 23, 2021, Buttonwood Financial Group and its principal, Jon McGraw, were named as defendants in an SEC complaint. According to the allegations, Jon McGraw and Buttonwood Financial Group repeatedly breached their fiduciary duty to their advisory clients by failing to disclose certain conflicts of interest and selecting investments that were not in their clients' best interest. Allegedly, the respondents did not disclose that they had a financial incentive to recommend certain investments. 

By engaging in this unethical conduct, Buttonwood Financial Group and Jon McGraw violated Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.

SEC Investigation

On May 12, 2021, Buttonwood Financial Group and its principal, Jon McGraw, received a Wells notice letter from SEC staff notifying them that they intend to recommend to the SEC that it file an enforcement action for alleged violations of the Investment Advisers Act of 1940. The SEC stated the investigation would address mutual fund share class selections and related conflicts of interest. 

Background Information

Jon McGraw has passed the following exams:

  • Series 65 - Uniform Investment Adviser Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 24 - General Securities Principal Examination
  • Series 8 - General Securities Sales Supervisor Examination (Options Module & General Module)
  • Series 4 - Registered Options Principal Examination

 Jon McGraw has also worked with the following firms:  

  • LPL Financial Corporation (CRD#:6413)
  • Quick & Reilly (CRD#:11217)       
  • Jesup, Josephthal & Co., Inc. (CRD#:3144)      
  • The Stuart-James Company (CRD#:11691)

Kurta Law Can Help 

If you have been victimized by Jon McGraw as a broker, don't hesitate to contact us today at 877-600-0098 or 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 and 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.