Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/adviser, Joseph P. Woitkoski (CRD # 3023301) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into the unauthorized use of discretion in customer accounts. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Woitkoski.
Registration Background for Joseph P. Woitkoski
Mr. Woitkoski first became registered in the securities industry in 1998 and was most recently associated with Pittsfield, MA Raymond James & Associates, Inc. (CRD # 705) from February 2010 to September 2018. His prior registrations include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD # 7691) from January 2004 to February 2010 and UBS Financial Services Inc. (CRD # 8174) from April 1998 to February 2004.
FINRA’s Allegations against Joseph P. Woitkoski
FINRA’s investigation led to Mr. Woitkoski entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on August 20, 2020. According to the AWC, Mr. Woitkoski consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 1, 2017 to August 17, 2018, Woitkoski exercised discretion without written authorization in 17 accounts maintained by 12 separate customers, eight of whom were seniors”;
- “[Mr.] Woitkoski placed approximately 900 discretionary trades in 17 separate customer accounts”;
- “Over the course of longstanding relationships, the customers gave authorization to [Mr.] Woitkoski to exercise discretion in their accounts”;
- “However, [Mr.] Woitkoski did not have written authority from the customers to exercise discretion in their accounts”;
- “[Mr.] Woitkoski never requested or obtained approval from Raymond James to exercise discretion in the customers’ accounts”;
- “In May 2017, [Mr.] Woitkoski also completed a compliance questionnaire in which he inaccurately stated that he did not exercise discretion in any non-fee based accounts”; and
- By virtue of the above, Mr. Woitkoski violated NASD Rule 2510(b) and FINRA Rule 2010.
FINRA Sanctions Joseph P. Woitkoski
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s August 20, 2020 AWC also indicates that Mr. Woitkoski consented to the following sanction(s):
- A suspension from association with any FINRA member firm in any capacity for a 30 business day period; and
- A fine in the amount of $7,500.00.
Joseph P. Woitkoski Does Not Have A History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Woitkoski reveals that he does not have a history of customer complaint(s)/arbitration(s).
If you or someone you know has or had a brokerage account with Mr. Joseph P. Woitkoski and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
