According to FINRA, Beliveau Bays (CRD #6034987) of Plano, Texas, was barred from associating with any FINRA member firm in all capacities after an Office of Hearing Officers (OHO) decision became final on April 29, 2024. This action arises from FINRA Case #2021070734301.
Bays was found in violation of FINRA rules based on multiple categories of serious misconduct. First, Bays forged customers' signatures on six account applications and one account transfer form. Forging customer signatures on account documents is a particularly egregious violation because it circumvents the fundamental requirement of customer consent. Account applications and transfer forms are legal documents that authorize the establishment of accounts and the movement of assets, and they must be signed voluntarily by the customer.
Second, Bays misstated the income and net worth of three customers on their account documentation. Accurate financial information is essential for determining the suitability of investment recommendations and for complying with Regulation Best Interest. By falsifying customer financial information, Bays undermined the protections designed to ensure that customers receive appropriate investment recommendations based on their actual financial circumstances.
Third, Bays provided false and misleading statements and testimony to FINRA during its investigation. Providing false information to a regulator is a standalone violation of FINRA Rule 8210 and FINRA Rule 2010, and it significantly aggravates the severity of the underlying misconduct. Regulators rely on the honesty of those they investigate, and providing false testimony obstructs the regulatory process.
Fourth, Bays provided false and misleading information to insurance companies. This additional category of misconduct extends beyond the securities industry and indicates a broader pattern of dishonesty in Bays' professional dealings.
The combination of these violations -- forgery, falsification of customer information, and lying to regulators and insurance companies -- paints a picture of systematic dishonesty. Each violation independently warrants serious sanctions, and together they fully support the bar imposed by the OHO.
Investors should be aware that they have the right to review and verify all documents submitted on their behalf. If a broker asks a customer to sign blank forms or pre-populated documents without review, this is a significant red flag. Investors should always read documents before signing and retain copies for their own records. FINRA BrokerCheck provides access to a broker's disciplinary history and should be consulted before establishing any new advisory relationship.
