The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
Randy Willis Hayes III (CRD #5361647, Registered Representative, West Palm Beach, Florida) was barred from association with any FINRA member in any capacity. Restitution was not awarded because Hayes and the bank where he was employed reimbursed the customers. The sanction was based on findings that Hayes withdrew, or failed to credit, over $22,000 in funds from the accounts of bank customers.
The findings stated that Hayes did so without their permission or the bank’s and by forging the customers’ signatures. Hayes withdrew funds from the customers’ bank accounts and deposited some of the funds into his personal account at another bank. To accomplish these unauthorized withdrawals, Hayes forged the customers’ signatures on separate bank forms. The findings also stated that Hayes, without permission or authority, closed a customer’s savings account at the bank that held $50,881.23, and transferred, without permission or authority, $41,000 to open a new bank account in the customer’s name. Hayes did not credit the customer’s new bank account with the $9,881.23 difference. Hayes also forged the customer’s signature on a bank form requesting the closure of the account. The forgery allowed Hayes to effect the unauthorized withdrawal from the customer’s bank account. Hayes deposited $6,378 into his account.
The findings also included that Hayes withdrew $800 from another customer’s certificate of deposit (CD) without the customer’s or the bank’s permission or authority by forging the customer’s signature on a bank withdrawal form and deposited $500 into his personal account. FINRA found that Hayes failed to appear for FINRA-requested testimony and failed to completely respond to FINRA’s request for information pertaining to the investigation into the customers’ allegations. (FINRA Case #2011026546701)
Hayes is not currently registered, according to FINRA records. He was registered with Wells Fargo Advisors 08/2007-02/2011.
According to local news reports, Hayes, of Greenacres, Florida, worked a a Lake Worth branch of Wells Fargo Bank. Investigators from the bank informed the Palm Beach County Sherrif’s office that they suspected Hayes of stealing money from three different accounts. Further investigation revealed that over $22,000 had been wrongfully taken leading to Hayes’ arrest in February 2012.
Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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