We recently learned about serious misconduct by Jonathan E. Best, a broker formerly affiliated with Raymond James. Best faced a three-month suspension and over $23,000 in fines from FINRA for making unauthorized trades in an elderly client’s account.
This client had Alzheimer’s disease, making the case even more troubling. Between December 2017 and December 2019, Best executed 71 unauthorized trades involving certificates of deposit worth about $14 million.
These actions led to a customer complaint in November 2020, resulting in a $275,000 settlement. Despite knowing about his client’s Alzheimer’s diagnosis since 2014, Best falsely stated on compliance forms that he had no concerns about any senior clients’ mental capacity.
He also ignored Raymond James’ 2017 policy requiring brokers to report concerns about vulnerable clients. After leaving Raymond James in January 2025, Best now works at Jaffe Tilchin Investment Partners, where he manages nearly $1.4 billion in assets.
The Raymond James Broker Jonathan E. Best complaints show how some financial professionals abuse trust. The facts will shock you.
Key Takeaways
Table of Contents
- Jonathan E. Best executed 71 unauthorized trades worth $14 million in an elderly client’s account between December 2017 and December 2019.
- FINRA suspended Best for three months and fined him over $23,000, including $12,500 in fines plus $10,700 in disgorged commissions.
- Best knew his client had Alzheimer’s since 2014 but failed to report her cognitive decline to Raymond James despite company policy requiring such reporting.
- Best falsely claimed on compliance questionnaires that he had no concerns about any senior clients’ mental capacity.
- Best currently works at Jaffe Tilchin Investment Partners as an investment advisor, as FINRA sanctions only apply if he tries to register as a broker again.
Background of Jonathan E. Best’s Case
Jonathan E. Best faced serious allegations from FINRA for misconduct with an elderly client. The regulatory body took strong action against him for his improper trading activities.
Unauthorized trading in an elderly client’s account
We at Haselkorn & Thibaut have seen serious violations in Jonathan E. Best’s case involving an elderly client. Best allegedly executed 71 unauthorized trades between December 2017 and December 2019.
These alleged trades included purchases of laddered certificates of deposits that totaled about $14 million in principal value. Our team has handled many similar cases where brokers take advantage of older clients who may not fully understand what’s happening with their investments.
The scale of these unauthorized transactions shows a clear pattern of misconduct rather than isolated mistakes.
Financial professionals must obtain proper authorization before making trades in client accounts. Best failed to meet this basic duty of care and trust. The elderly are often targets for such misconduct because they may be less likely to monitor their accounts closely or question their advisor’s actions.
Such behavior damages not only the specific client but also erodes confidence in the financial services industry as a whole.
Sanctions imposed by FINRA
FINRA took serious action against Jonathan E. Best for his misconduct with an elderly client. The regulatory body suspended him for three months and imposed financial penalties totaling over $23,000.
This sum included a $12,500 fine plus $10,700 in disgorged commissions that Best had earned through unauthorized trades. Our team has seen similar cases where brokers face strict consequences for violations involving vulnerable investors.
Best chose not to admit or deny FINRA’s findings as part of his settlement agreement. Financial advisors must follow strict rules when handling client accounts, especially for seniors with cognitive impairments like Alzheimer’s disease.
Details of Best’s Actions
We uncovered shocking details about Jonathan Best’s alleged misconduct with an elderly client’s investments. His actions broke multiple rules and showed a clear pattern of deception that harmed a vulnerable investor.
Execution of unauthorized trades
Our investigation revealed that Jonathan E. Best allegedly executed 71 unauthorized trades between December 2017 and December 2019. These trades involved a staggering $14 million in principal value in an elderly client’s account.
Best made these transactions without proper permission or authority from his client. The scale of these unauthorized actions raises serious concerns about broker conduct and client protection standards.
We’ve seen similar cases in our years of working with investors who trusted their financial advisors only to discover their accounts had been mishandled.
Request for co-power of attorney
We found that Jonathan E. Best allegedly tried to gain co-power of attorney for his elderly client after her Alzheimer’s diagnosis in 2014. Best had known this client since 1985 when she was 56 years old, establishing a long-term relationship before her cognitive decline.
In 2017, Best formally asked his supervisor for permission to become a co-power of attorney for this client, but his request was denied. This rejection should have stopped any further unauthorized actions with the client’s account.
The denial of Best’s co-power of attorney request marks a critical point in this case. His supervisor clearly blocked this attempt to gain control over the client’s finances. Despite this clear directive, Best continued making decisions about the client’s investments without proper authorization.
This pattern of behavior raises serious concerns about Best’s respect for financial regulations and client protection standards. Next, we’ll examine how Best handled transactions after learning about his client’s inability to authorize them.
Failure to report client’s inability to authorize transactions
Our investigation revealed that Jonathan E. Best broke Raymond James’s policy by not reporting his client’s cognitive decline. The firm had clear rules in place since May 2017 that required brokers to alert supervisors about vulnerable clients, especially seniors.
Best allegedly knew his client lived in a memory care facility and couldn’t understand investment decisions. Despite this knowledge, he failed to notify the proper channels about her condition.
The client’s inability to make informed choices should have triggered immediate reporting under the company’s protection protocols.
According to news reports, Best’s supervisor remained unaware of the full situation because Best withheld crucial information. When the supervisor denied his request to become co-power of attorney, Best never mentioned the client couldn’t care for herself.
This omission violated Raymond James’s safeguards designed to protect vulnerable investors from potential exploitation. His actions directly contradicted FINRA’s standards for broker conduct when dealing with elderly clients.
Next, we’ll examine how Best falsified compliance questionnaires to conceal these violations.
False claims on compliance questionnaires
Beyond failing to report his client’s mental decline, Best’s misconduct extended to dishonesty on official documents. We found that Best allegedly made false statements on two compliance questionnaires regarding senior clients.
He specifically claimed he had no concerns about the mental capacity of any senior or vulnerable customers. These false claims directly contradicted his knowledge of his elderly client’s condition.
Financial advisors must answer truthfully on compliance documents designed to protect vulnerable investors. Such questionnaires serve as a critical safeguard in the financial industry.
Best’s choice to provide false information undermined these protections and violated the trust placed in him as a broker.
Best’s Career Timeline
We’ll examine Jonathan E. Best’s work history across several financial firms and his current role at Jaffe Tilchin Investment Partners to help you understand his professional background better.
Read more to learn about the full scope of Best’s career and the complaints against him.
Work history at different financial firms
Jonathan E. Best started his financial career at Argon Financial Services in 1991. Our research shows he built his early experience there before moving to Primevest Financial Services.
Best joined Raymond James in 2001, where he became part of the Parkway Wealth Management Group. His tenure at Raymond James lasted until January 2025, marking nearly 24 years with the firm.
Best’s current professional association is with Jaffe Tilchin Investment Partners, where he continues to work in the financial services industry despite his previous regulatory issues.
Current association with Jaffe Tilchin Investment Partners
After working at various financial firms, Jonathan E. Best now serves as an investment advisor at Jaffe Tilchin Investment Partners. We found that this firm manages nearly $1.4 billion in client assets according to their most recent Form ADV filing.
Our research shows that the FINRA sanctions against Best only apply if he tries to register as a broker again. These restrictions do not affect his current investment advisor license at Jaffe Tilchin.
This distinction matters for investors who might work with him in his advisory capacity.
Conclusion
Jonathan Best’s case serves as a stark warning for all investors. His actions show how some brokers might exploit elderly clients with cognitive issues for personal gain. The $23,000 fine and three-month suspension seem light compared to the $14 million in unauthorized trades he executed.
We urge investors to stay vigilant about their accounts and check broker records through FINRA BrokerCheck. Family members should monitor elderly relatives’ investment accounts for unusual activity.
Raymond James failed to protect this client despite their policies for vulnerable seniors. This case highlights the need for stronger industry safeguards and reminds us that financial abuse of seniors remains a serious concern in the investment world.
