Wells Fargo Broker Wonnie Lynn Short Permanently Barred by FINRA

Allegations against the Nashville broker include failure, as executor of client’s estate, to provide a charitable foundation with its due proceeds

The Financial Industry Regulatory Authority (FINRA) has barred Wonnie Short permanently from acting as a broker or otherwise associating with firms that sell securities to the public. While registered with Wells Fargo in Nashville, TN, Short is reported to have been named executor of a client’s estate. In fact, according to FINRA, Short was to receive two-fifths of the client’s residuary estate.

However, according the same FINRA report, Short’s client designated that 90% of her annuity – valued at the time of her death at $102,000 – would go to a local charitable foundation, and the remaining 10% would go to her estate. As the executor of the estate, Short allegedly received full payment from the annuity, yet did not ensure that the charitable foundation received its portion, valued at approximately $92,000.

Short received $30,000 in funds that he was not due, according to the complaint. In addition, Short allegedly falsely stated that the client removed the charitable foundation as a beneficiary. Ultimately, FINRA reports that Short misused the funds for his own benefit.

While Short is barred by FINRA and not currently registered with any firm, his recent employers include Raymond James & Associates in Nashville, TN from November 2011 to March 2016, and Wells Fargo from January 2008 to November 2011. Short voluntarily resigned from Wells Fargo after the allegations were made against him.

If you entrusted your finances with Wonnie Short and lost money as a result, you may be able to recover some or all of your losses through securities arbitration. To learn more about the allegations against him, you can review Short’s BrokerCheck report, a complimentary service provided by FINRA.

Most brokerage firms prohibit stockbrokers from participating in a client’s will or otherwise serving as a trustee or executor. In most cases, the brokerage firm requires, at a minimum, that the financial advisor discloses any such role to the firm. However, trust and estate abuse are on the rise and our attorneys are currently handling many cases of alleged elder financial fraud.

The attorneys at Silver Law Group are leaders in the field of securities arbitration. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Our services are provided on a contingency-fee basis, which means we are only compensated if there is a recovery of losses. For more information, contact us for a complimentary consultation.