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Cecil Byers Was Sanctioned For Failing to Disclose That he Was Appointed a Beneficiary in a Client’s Will

Cecil Byers

Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on April 23, 2018 indicate that Texas-based Sunbelt Securities broker/adviser Cecil Byers has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Byers (CRD# 809253).

Cecil Byers has spent 42 years in the securities industry and has been registered with Sunbelt Securities in Beaumont, Texas since 2015. Previous registrations include Wells Fargo Advisors in Beaumont, Texas (2010-2015); Morgan Stanley Smith Barney in Beaumont, Texas (2009-2011); Citigroup Global Markets in Beaumont, Texas (1996-2009); Merrill Lynch in New York, New York (1978-1996); and Merrill Lynch (1975-1978). He has passed six securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on November 29, 1994; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on July 18, 1988; Series 15 (Foreign Currency Options Examination), which he obtained on May 22, 1984; Series 5 (Interest Rate Options Examination), which he obtained on December 12, 1981; PC (AMEX Put and Call Exam), which he obtained on May 2, 1977; and Series 7 (General Securities Representative Examination), which he obtained on June 21, 1975. He is a registered broker and investment adviser with two US states: Louisiana and Texas.

According to his BrokerCheck report, he has received two customer complaints and one regulatory sanction, and he resigned from a former employer in connection to alleged rule violations.

In November 2017 FINRA sanctioned him in connection to allegations he failed to disclose to the firm that he had been appointed as the co-executor and beneficiary in a client’s will, in violation of firm policy. FINRA’s findings state that he became aware of the will’s terms two days before the customer’s death and later had himself, and that he did not inherit any funds from the customer’s estate. He was issued a two-month suspension and a fine of $10,000.

In 2015 he submitted his voluntary resignation from Wells Fargo Advisors following allegations he was named beneficiary of an unrelated client’s account.

In 2004 a customer alleged Cecil Byers, while employed at Citigroup Global Markets, acted negligently in connection to a tax issue. The complaint settled for $2,000.

In 1989 a customer alleged he recommended and purchased unsuitable investments. The complaint settled in 1991 for $16,000.

If you have complaints regarding Cecil Byers, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.