Forrest Addington Wester of Midland, Texas, a stockbroker registered with Wells Fargo Clearing Services LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Wester refused to provide information and documents requested by the regulator in an investigation into his possible misappropriation of funds from customers. Letter of Acceptance, Waiver, and Consent No. 2023080036201 (November 30, 2023).
According to the AWC, on October 13, 2023, FINRA asked Wester to produce specific information and documents. Wester, in his communications with FINRA on October 26, 2023, acknowledged the receipt of FINRA’s request but refused to comply. Therefore, Wester violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure additionally shows that on December 19, 2023, a customer complaint involving Wester’s conduct was settled for $55,089.99 in damages. The complaint concerned Wester’s association with Wells Fargo Advisors LLC. The customer alleged that Wester stole funds from her account between June 22, 2023, and November 7, 2023.
Wester was also referenced in a customer complaint filed on September 30, 2008. The customer sought compensatory damages believed to exceed $5,000.00 based on allegations of unauthorized trading during Wester’s association with Wachovia Securities LLC. The complaint was ultimately closed with no further action taken by the customer.
Wester was associated with Wells Fargo Clearing Services LLC in Midland, Texas, from January 1, 2008, to November 30, 2023. He was discharged after apparently admitting to transferring customer funds to an account he controlled elsewhere.
