FINRA

Without admitting or denying the findings, Short consented to the sanction and to the entry of findings he misused funds by failing to ensure that a charitable foundation received funds it was due from a client's annuity, and instead he retained the funds for the client's estate and, ultimately, his personal benefit. The findings stated that one of Short's clients executed a will naming him executor of her estate and leaving two-fifths of her residuary estate to him. When the client passed away, Short was appointed executor. One of the assets held by the client at the time of her death was an annuity worth approximately $102,000. Pursuant to a beneficiary designation form, 90% of the annuity was to go to the local charitable foundation, which was also a customer of his member firm, and 10% was to go to the client's estate. After Short submitted a claim form for the annuity, the annuity company sent the clients estate a check for the full amount of the proceeds from the annuity and all of the funds were deposited into the estate's account at the firm. The charitable foundation did not receive its portion of the annuity, approximately $92,000. As a result, when the residue of the estate was distributed, Short received more than $30,000 in additional funds to which he was not entitled. When the foundation later asked Short about the annuity, he falsely stated that the client had removed the foundation as a beneficiary.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

5/2/2016

WELLS FARGO ADVISORS, LLC

Voluntary Resignation

MR. SHORT WAS THE SUBJECT OF AN ANONYMOUS COMPLAINT ALLEGING THAT, AMONG OTHER THINGS, HE MAY HAVE RECEIVED MONEY FROM ESTATES OF ELDERLY CLIENTS