Beliveau Bays Facing Investigation Following Allegations of Forgery

Beliveau Bays (CRD #: 6034987) is the subject of a FINRA investigation, according to his BrokerCheck record, accessed on September 8, 2023. Keep reading for more information. 

On August 28, 2023, FINRA made a preliminary determination to recommend that disciplinary action be brought against Beliveau Bays following allegations that he violated FINRA Rule 2010 when he signed the names of LPL customers on account opening documents without the customers’ knowledge. 

FINRA further alleges Beliveau Bays violated FINRA Rule 8210 when he made false, incomplete, and misleading responses to FINRA requests for testimony. 

The regulator also alleges he violated FINRA Rule 4511 by forging customer signatures and submitting customer applications with inaccurate information. 

FINRA Rule 4511

FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records. Forging customer signatures violates this rule. 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 8210

FINRA Rule 8210 requires members to supply records, information, and testimony upon request.

Termination by LPL Financial LLC 

On February 12, 2021, LPL Financial fired Beliveau Bays following allegations that he had misrepresented his submission of key person life insurance applications for non-licensed assistants. 

Investor Dispute

According to a dispute dated February 11, 2021, Beliveau Bays allegedly misrepresented an unsuitable non-traded real estate investment. 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without having direct involvement with property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are risky because they are not traded on the public exchange, making them difficult or impossible to sell. 

Background Information 

Beliveau Bays has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 

He has registered with the following firms: 

• TCFG Wealth Management (CRD #: 164153) 
• LPL Financial (CRD #: 6413) 
• Woodbury Financial Services (CRD #: 421) 
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 

Kurta Law Can Help

If you worked with Beliveau Bays and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. The firm only earns a fee if our securities attorneys recover money on your behalf.