Jonathan Earl Best Sanctioned by FINRA for $14M Unauthorized Trades

The Financial Industry Regulatory Authority (FINRA) holds brokers and advisors to stringent ethical sPlacing a trade without a client’s consent isn’t just a rule violation — it’s a breach of trust. That concern only deepens when the client is elderly or struggling with cognitive decline. The safeguards in place exist for a reason: to keep investors in control of their own accounts. When those protections are ignored, the damage can be lasting.

In a recent disciplinary case, the Financial Industry Regulatory Authority (FINRA) sanctioned former Raymond James Financial Services advisor Jonathan Earl Best (CRD# 2225091) for making more than $14 million in trades in a senior client’s account without permission. The client was residing in a memory care facility and was unable to authorize the transactions. Best moved forward with the transaction, raising concerns not only about his conduct, but also about the firm’s supervision.

The Sonn Law Group is currently investigating this matter and is offering free consultations to investors who may have been affected. (FINRA Case #2020068641501)

Summary of FINRA’s Disciplinary Action Against Jonathan Earl Best

FINRA issued a Letter of Acceptance, Waiver and Consent (AWC) outlining multiple compliance failures tied to Best’s handling of the client’s account. Over a two-year period, he effected dozens of trades (primarily brokered CDs) without receiving client approval, despite the account being designated as non-discretionary. FINRA found that Best continued this pattern even after learning the client had entered a memory care facility and was no longer capable of managing financial decisions.

According to the AWC, Best also submitted false compliance responses to his firm, indicating there were no cognitive concerns with the customer’s ability to authorize transactions. By leaving out key details, Best made it harder for supervisors to recognize the misconduct. As a result, FINRA issued several sanctions: a three-month suspension from associating with any FINRA member, the return of $10,760.88 in commissions earned from the unauthorized trades and an additional $3,453.16 in pre-judgment interest.

Best consented to the sanctions without admitting or denying the findings.

Violations of Core FINRA Rules and What They Mean

At the center of the disciplinary action are violations of FINRA Rules 2010 and 3280, which govern ethical conduct and private securities transactions.

Rule 2010 requires that all associated persons “observe high standards of commercial honor and just and equitable principles of trade.” By executing trades without the client’s authorization, especially when the client lacked mental capacity, Best failed to meet this standard. The rule is broad by design, allowing FINRA to address a wide range of misconduct that undermines investor trust.

Rule 3280 prohibits brokers from participating in private securities transactions without providing prior written notice to their firm. While this case did not involve external investments, the firm’s policies treated unauthorized trading in non-discretionary accounts with the same level of scrutiny. Best made trades without the necessary approvals and outside the firm’s supervisory framework.

Best submitted compliance forms that left out important details about the client’s condition. By not being truthful about the state of the account, he made it more difficult for the firm to identify and address questionable trading. While FINRA didn’t bring a separate charge for this, the omission was noted as part of his broader failure to meet professional standards.

Jonathan Earl Best’s Employment and Licensing Background

Jonathan Earl Best was most recently registered with Raymond James Financial Services, where he worked from September 2001 until January 2025. Before that, he held positions at several other firms, including Primevest Financial Services and Aragon Financial Services. Over his three-decade career, Best passed multiple securities licensing exams, including the Series 6, Series 7, Series 24, Series 63 and the Securities Industry Essentials (SIE) exam.

According to FINRA’s BrokerCheck, Best is no longer registered with any FINRA member firm as of early 2025.

Best reported involvement in several outside business ventures, including Best Financial Group, BFG Global, CUE Broadcasting and Jon Best Farms. Although FINRA didn’t center its disciplinary action on these activities, undisclosed affiliations can blur the lines and complicate oversight. When outside affiliations overlap with a broker’s responsibilities, it becomes more challenging to supervise their conduct and raises legitimate concerns about whether the rules are being followed.

Why This Case Matters to Investors And What to Watch For

This case highlights the risks investors face when advisors operate without proper oversight, particularly in accounts belonging to seniors or individuals with cognitive impairments. Best executed trades despite knowing the client was in a memory care facility and unable to provide informed approval. That decision stripped the investor of meaningful control and accountability, thereby violating both the firm’s policy and industry standards.

Unauthorized trading in a non-discretionary account is more than a procedural lapse. It breaks the supervisory chain that protects investors from unsuitable or excessive activity. When brokers make trades without approval, they deny clients the opportunity to evaluate the risks or ask questions, two protections built into the client-advisor relationship.

This is particularly serious when a broker exploits a known vulnerability, such as cognitive decline. These are precisely the circumstances that demand heightened diligence, not less. 

When cases like this come to light, they often signal broader problems — breakdowns in supervision, incomplete records or poor judgment. Families and investors should be alert to the following:

• Trades were executed without first talking to the client.
• The broker avoided direct answers when asked about what was happening in the account.
• The broker stayed involved even after learning the client’s health was failing.
• Key documents, such as trade confirmations or investment instructions, were missing.

When any of these conditions exist, it may be time to consult a qualified securities attorney to determine whether misconduct occurred.

Contact Sonn Law Group If You Believe Jonathan Earl Best Harmed You

If you or a family member worked with Jonathan Earl Best and have concerns about unauthorized trading or other questionable account activity, it may be worthwhile to have the matter reviewed. Trades made without proper approval, particularly in accounts held by vulnerable or elderly clients, can indicate serious breaches of duty.

Sonn Law Group represents investors nationwide in disputes involving broker misconduct, regulatory violations and investment losses. Our law firm has extensive experience handling claims against financial advisors and brokerage firms under FINRA’s arbitration framework.

We handle cases on a contingency basis, meaning you pay no legal fees unless we recover compensation on your behalf.

To schedule a free consultation, call the Sonn Law Group at 833-912-3000 or complete our online contact form.