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FINRA Hands Down Fine and Suspension to John Patrick Wheeler


The Clearwater, FL broker reportedly failed to disclose his Power of Attorney over an elderly customer

For a decade, John Patrick Wheeler reportedly acted as Power of Attorney for an elderly client. In that time, he is reported to have received over $7,000 for his services, obtained via checks he wrote against the client’s checking account. And because the Financial Industry Regulatory Authority (FINRA) states he didn’t tell his firm about this, a couple of things happened.

First, in June of 2015, Wheeler was fired from his job at Raymond James Financial Services, Inc. His reported actions – which included writing a check to himself after the client died – were clear violations of firm policy.

Then, in April of this year, Wheeler heard from FINRA. The agency suspended him from acting as a broker for six months and fined him $20,000. Wheeler wouldn’t admit or deny their findings, but he did agree to the sanctions against him.

Wheeler was a member of three firms during his 32-year career. Starting in 1982, he worked for both IDS Financial Services Inc., and American Express Financial Advisors Inc., moving exclusively to American Express in December of 1986. After another two years, Wheeler then joined Raymond James and worked for the Clearwater, FL branch of the company until his dismissal.  He also worked under the auspices of Wheeler Financial Management.

More details on Wheeler’s work history and disclosures can be found in FINRA’s BrokerCheck report.

John Patrick Wheeler’s reported actions may have violated securities industries rules, and could constitute elder financial fraud.

If you or a loved one are in a similar situation, you may be able to reclaim lost money through securities arbitration. For a free consultation with an experienced arbitration and elder financial fraud attorney, get in touch with the Silver Law Group. We will review your case and let you know the next steps to take. You can contact us at 1-800-975-4345 or through our online form. The Silver Law Group only works on contingency, so we don’t get paid unless you do.

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