Joseph Woitkoski, Formerly of Raymond James Financial Services, Suspended by FINRA Following Allegations of Exercising Discretion in Clients’ Accounts

Woitkoski is accused of exercising discretion without written authorization from clients or his member firm.

The Sonn Law Group is investigating allegations that Joseph Woitkoski committed misconduct  If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

joseph-woitkoski-suspendedJoseph Woitkoski (CRD#: 3023301) was previously employed by Raymond James & Associates from 2010 until 2018. Prior to that, he was a broker with Merrill Lynch from 2004 until 2010. 

In August 2020, Woitkoski was suspended by FINRA for 30 days after signing a letter of Acceptance, Waiver & Consent. Without admitting or denying the findings, Woitkoski consented to the suspension as well as a fine of $7,500. Woitkoski also consented to findings stating that he exercised discretion without written authorization in accounts maintained by customers, some of whom were seniors.

The findings stated that over the course of longstanding relationships, the customers gave authorization to Woitkoski to exercise discretion in their accounts. However, Woitkoski did not have written authority from the customers to exercise discretion in their accounts. Additionally, Woitkoski never requested or obtained approval from his member firm to exercise discretion in the customers’ accounts. 

The findings also stated that Woitkoski completed a compliance questionnaire in which he inaccurately stated that he did not exercise discretion in any non-fee based accounts. The findings also stated that Woitkoski caused the firm to maintain inaccurate books and records by mismarking order tickets for trades as unsolicited when the trades were his idea. Woitkoski had no communication with the customer for at least a week prior to entering the subject trade orders.

Woitkoski has one other disclosure on his BrokerCheck report.

May 2019 Employment Separation After Allegations

Contact Us Today

The Sonn Law Group is currently investigating allegations that Joseph Woitkoski committed misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.