Forrest Wester: Wells Fargo Advisor Faced Misappropriation Allegations

Former Midland, Texas financial advisor Forrest Wester (CRD# 2559502) was recently sanctioned and barred from acting as a broker in connection with allegations that he stole funds from a client. Financial Industry Regulatory Authority records show that he was most recently registered as a broker and an investment advisor with Wells Fargo Clearing Services.

Mr. Wester’s BrokerCheck report discloses the recent FINRA sanction against him. Filed in November 2023, it alleged that he refused to produce information FINRA requested as part of its investigation into “potential misappropriation of client funds.” Without admitting or denying the findings, he consented to a permanent bar from registering with any FINRA member firm in any capacity.

A second disclosure on his BrokerCheck report concerns an investor complaint against him. Filed in November 2023, it alleges that as a representative of Wells Fargo Clearing Services, he stole money from the customer’s account. The pending complaint alleges damages of $49,999.

A third disclosure concerns his termination from Wells Fargo Clearing Services. Filed in November 2023, it states that the firm terminated his registration after he admitted “to transferring customer funds to an account he controlled elsewhere.”

According to the Financial Industry Regulatory Authority, Forrest Wester holds 28 years of securities industry experience. He was most recently registered as a broker with Wells Fargo Clearing Services in Midland, Texas from 2008 until 2023. He was previously registered with AG Edwards & Sons in Midland, Texas from 1995 until 2008. His credentials include the passage of six securities industry qualifying exams: the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently barred from acting as a broker or otherwise associating with a broker-dealer firm. (Information current as of January 18, 2024.)

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