Jonathan David White (CRD# 5882055) is a registered financial advisor and stockbroker with Western Wealth Management LLC and LPL Financial LLC in Broomfield, Colorado.
Financial Advisor’s Career History
Jonathan David White began his securities industry career in 2011 with Edward Jones, where he was registered as a General Securities Representative and Financial Advisor in Superior, Colorado, and associated with the firm’s headquarters in St. Louis, Missouri, until February 2017. He then transitioned to LPL Financial LLC in February 2017, initially registering out of Colorado while the firm’s main office is located in Fort Mill, South Carolina. Around the same time, he became an Investment Adviser Representative with Western Wealth Management LLC, an independent registered investment advisory firm. Since 2017, White has continued to provide brokerage and advisory services through LPL Financial LLC and Western Wealth Management LLC from an office located at 340 E 1st Ave, Suite 310, Broomfield, Colorado.
In addition to his primary affiliations, White has disclosed investment-related business activities through Western Wealth Management LLC, Western Wealth Advisors, and White Hawk Wealth Management, Inc., which he uses as doing-business-as entities for his LPL Financial and advisory business.
According to his FINRA BrokerCheck report, Jonathan David White has been the subject of at least one customer dispute involving allegations of unsuitable investment recommendations in an advisory account. The dispute centers on a portfolio of mutual funds recommended and managed during a defined time period and ultimately resulted in a monetary settlement to the customer, although White denies the allegations and reports that he did not contribute personally to the settlement.
A customer of Western Wealth Management LLC and LPL Financial LLC alleged that White sold her an unsuitable portfolio of mutual funds in her advisory account between March 3, 2021 and March 14, 2022. The claimant asserted that the recommended mutual fund portfolio was inappropriate in light of her investment objectives, goals, and financial circumstances, and sought damages of approximately $178,909.16 in connection with the alleged misconduct.
The written complaint was received on February 22, 2022, and later evolved into a FINRA arbitration proceeding. The dispute was assigned FINRA arbitration docket/case number 23-00106. After the arbitration was filed, the matter was ultimately resolved through a settlement reached on or about August 4, 2023. The disclosed monetary compensation amount paid to the customer was $75,000.00. White’s disclosure states that he made no individual monetary contribution to the settlement and that LPL Financial LLC settled the case to avoid further costs of defense.
The customer dispute is reported as a “Customer Dispute – Settled” event with a final disposition status. FINRA records show:
- Type of event: Customer Dispute – Settled (investment-related)
- Allegations: Unsuitable portfolio of mutual funds in an advisory account from 3/3/2021 to 3/14/2022
- Product type: Mutual funds
- Alleged damages: $178,909.16
- Complaint date: February 22, 2022
- Arbitration docket: FINRA Case No. 23-00106
- Disposition: Settled (not pending and not on appeal)
- Disposition date: August 4, 2023
- Monetary compensation to customer: $75,000.00
- Individual contribution by White: $0.00
- Status of arbitration: Not pending (resolved through settlement)
In his BrokerCheck “Broker Statement,” White and the firms deny the customer’s allegations. The statement asserts that the mutual fund investments were suitable and recommended based on the customer’s stated objectives and financial situation, and that White and the firm “put the customer’s interest first” at all times. It further notes that the customer voluntarily dismissed White from the arbitration, and that LPL Financial LLC chose to settle without any contribution from White in order to avoid the additional costs and uncertainty associated with continued litigation.
Investors should understand that the existence of a settlement does not, by itself, mean that White or his firms admitted wrongdoing. Customer complaints and arbitration claims may be resolved for business reasons, and brokers often dispute the allegations even when a settlement is paid.
To obtain a copy of Jonathan David White’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) generally requires that a broker or financial advisor have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on information obtained through reasonable diligence about the customer’s investment profile. In the context of the allegations against Jonathan David White, Rule 2111 would focus on whether recommending and maintaining a portfolio of mutual funds in the customer’s advisory account between March 3, 2021 and March 14, 2022 was consistent with her stated objectives, risk tolerance, financial circumstances, and time horizon. If an advisor concentrates a customer’s account in higher-risk, higher-cost, or otherwise unsuitable mutual funds without properly assessing the client’s needs and constraints, that conduct can violate Rule 2111 and form the basis for a claim in FINRA arbitration.
FINRA Rule 2010 (Standards of Commercial Honor and Just and Equitable Principles of Trade) is a broad conduct rule that requires associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. Even if a specific suitability rule violation is not proven, a pattern of recommendations or account management that places the firm’s or advisor’s interests ahead of the client’s, or that reflects disregard for the client’s objectives and risk tolerance, may be deemed inconsistent with Rule 2010. In cases like the settled dispute involving White, allegations that an advisor recommended an unsuitable mutual fund portfolio or failed to manage an advisory account in the client’s best interests may be analyzed under both Rule 2111 and Rule 2010 as part of a broader assessment of whether the advisor’s conduct met minimum industry standards.
Although FINRA Rule 3110 (Supervision) is directed primarily at brokerage firms rather than individual advisors, it plays an important role in disputes involving allegedly unsuitable portfolios and advisory account misconduct. Rule 3110 requires firms such as LPL Financial LLC and their supervisory personnel to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable securities laws and FINRA rules, including those governing suitability and advisory conduct. In a case involving the type of mutual fund recommendations alleged against White, investors and regulators may examine whether the firm’s supervisory systems adequately reviewed advisory account activity, flagged unusual concentrations or patterns of mutual fund trades, and responded appropriately to any red flags. While Rule 3110 violations are typically asserted against firms, the underlying facts may support both supervisory and individual misconduct claims in FINRA arbitration.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.