John Wyshak Allegedly Engages In Churning

The law firm of Oakes & Fosher is currently investigating the possible misconduct of former securities broker John Wyshak. According to his publicly available FINRA BrokerCheck report, John Wyshak has been the subject of multiple customer disputes.

John Wyshak operated most recently as a California based securities broker. He worked in the securities industry for thirty-three years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Dean Witter Reynolds (1984-1988)


• Lehman Brothers Inc. (1989-1993)


• Smith Barney Shearson Inc. (1993-1994)


• Bear, Stearns & Co. (1994-1996)


• Merrill Lynch (1996-1998)


• Gruntal & Co. (1998-2002)


• Ryan, Beck & Co. (2002)


• Wedbush Securities (2002-2014)


• Raymond James & Associates (2014-2018)

The Allegations

• In March 1999, an attorney, on behalf of a customer, alleged that John Wyshak excessively traded his customer's account. This case was settled for $45,000 in damages.


• In January 2018, a customer alleged that John Wyshak over concentrated their account, breached his fiduciary duty, engaged in fraud, churned their account, omitted material facts, converted their funds for his own personal use, breached contract, engaged in fraudulent concealment, and violated industry rules and standards. This case was settled for $700,000 in damages.


• In June 2019, a customer alleged that John Wyshak executed unauthorized trades, recommended unsuitable investments, charged them excessive commissions, violated industry standards, violated FINRA rules, breached his fiduciary duty, engaged in negligent retention, committed fraud, omitted material facts, converted their funds, breached contract, and engaged in fraudulent concealment. This case is currently pending. The customer is seeking $131,783 in damages.

What Does This Mean

Securities brokers have a legal obligation to always act in the best interests of their customers. There are multiple different kinds of fraudulent and/or negligent acts that many less than scrupulous securities brokers partake in despite this obligation. One such act that Wyshak was accused of was churning. This fraudulent trading practice occurs when a broker trades a customer's account excessively, even though it serves no actual financial benefit to the customer. Rather this act is committed with the express purpose of generating additional and/or larger commissions for themself. Churning can be incredibly detrimental to customers due to the amount of unnecessary fees and losses they will incur. When investors lose significant amounts from their principal investment due to unnecessary fees racking up, it becomes almost impossible for them to make any profit under anything other than booming market conditions.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with John Wyshak, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.