Washington Broker Barred by FINRA for Withdrawing Death Benefits of Annuity From Account She Opened in Beneficiary's Name

Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013.”

Cecilia Sawyer aka Cecilia Villanueva (CRD #2549482, Registered Principal, Federal Way, Washington)
was barred from association with any FINRA member in any capacity. The sanction was based on findings that customers opened an account with Sawyer at her member firm and invested a total of $130,000 in a variable annuity. The annuitant died and the beneficiary divorced the same year, and no annuity claim was filed at the time.

FINRA's findings stated that more than three years later, Sawyer made a claim for the death benefit and directed it to be mailed to the beneficiary at a mailbox she opened. A $148,361 check was mailed to the beneficiary at the mailbox, where Sawyer exercised control of the check by depositing it in a checking account she opened in the beneficiary’s name, without his knowledge or consent. Sawyer and her husband withdrew funds from the account for their own benefit; Sawyer also purchased an $83,000 variable annuity for the beneficiary’s former wife, without his knowledge, and he received no death benefit proceeds. The findings also stated that Sawyer failed to respond to FINRA requests for information and documents.
(FINRA Case #2011030621501)

According to FINRA's BrokerCheck, Cecilia Sawyer/Villanueva was previously registered with FINRA at the following brokerage firms:

PFS INVESTMENTS INC.
CRD# 10111
SEATTLE, WA
03/1996 - 12/2011

This ends the information obtained on FINRA’s website.

The Soreide Law Group represents clients nationwide before FINRA. If you have sustained investment losses due to your stock broker/financial advisor’s recommendations, call for a free consultation with an attorney on how to potentially recover those losses: 888-760-6552.