FINRA announced that Cecil Byers, a registered broker and former Wells Fargo advisor who now works for Sunbelt Securities Inc., will be suspended from the industry starting next month.
According to FINRA, Byers failed to disclose to Wells Fargo that one of his clients appointed him as a residual beneficiary and co-executor. This is contrary to Wells Fargo’s policy that states advisors cannot be named executors without permission from the compliance department. It also violates FINRA Rule 2010.
Byers had been working for Wells Fargo Advisors, LLC in Beaumont, Texas for four years when the incident occurred, and had advised the client for 30 years before she died. The client died on October 26, 2014 and her last will and testament was dated August 20, 2014. Byers learned of his appointment two days before his client’s death and did not notify his firm, said FINRA.
Wells Fargo learned of Byer’s appointment through a probate litigation notice objecting to Byer’s appointment. Following the probate petition, Byers immediately acted to remove himself as the co-executor.
Byers, who resigned from Wells Fargo in 2015, accepted a two-month suspension that will run from December 4, 2017 to February 3, 2018, as well as a $10,000 fine.