fbpx

Broker Fired For Serving as Trustee/Executor Without Firm Approval

Broker Fired For Serving as Trustee/Executor Without Firm Approval 150 150 Rex Securities Law

By  Robert H. Rex, Esq.

Shelby Lee Bowles of Newburg, Maryland, was suspended by FINRA for ten months and fined $40,000 for serving as the power of attorney, trustee, executor and sole beneficiary to a customer of the brokerage firm without disclosing these activities to his firm. FINRA findings state that Bowles prepared a trust agreement and a last will and testament for the customer. The trust agreement appointed Bowles as the sole trustee and sometime later Bowles appointed his wife as the sole beneficiary of the trust which had assets in excess of $1 million. 

FINRA found that Bowles falsely represented on multiple occasions to his employing firm that he had not been named as a beneficiary, trustee, executor or power of attorney for any client and that he would not do so without first seeking his firm’s approval. 

According to FINRA records, Bowles employing firm, Securities Service Network, Inc. , discharged him upon learning of his violations of firm policy. 

According to FINRA records, Bowles previously was registered with Securities Service Network, Inc. from 1/2010-3/2012. He was previously registered with Medallion Investment Services from 1/1999-12/2009. 

While firm policy with regard to a stock broker serving in the capacity of power of attorney, trustee, executor or as a beneficiary of a trust vary from firm to firm, most require that the relationship be disclosed to the employer. 

If you have questions about the way your brokerage account is being handled or questions about investment losses, call to speak with an experienced securities attorney. No charge for initial consultation.

Nationwide representation.


561 391 1900
%d bloggers like this: