FINRA v. Jonathon Mark Webster

Jonathon Mark Webster willfully violated the Care Obligation of Reg BI by making recommendations to 19 retail customers, at least 13 of whom were seniors, which were not in their best interests, according to FINRA. Webster recommended that the customers implement a short-term strategy that involved buying stocks in commission-based brokerage accounts rather than in the customers' existing fee-based advisory accounts at a lower comparative cost, according to FINRA. Collectively, Webster's trades in the customers' brokerage accounts required the customers to pay $121,725.58 in unnecessary commissions that the customers would not have had to pay had Webster purchased the stocks in their advisory accounts, according to FINRA.

Summary generated from official Financial Industry Regulatory Authority press release