Investigation: Edward Jones Fires Million-Dollar Brokers Over Elderly Client Accounts

In July, Edward Jones (CRD#: 250), a large brokerage firm based in St. Louis, MO, fired two of its brokers following allegations of elder financial abuse. The two brokers who were terminated were:

• Shawn Quentin Sabelhaus (CRD#: 3166110) of Jennings, Louisiana; and
• John “Burt” Cestia III (CRD#: 3260348) of New Iberia, Louisiana.

FINRA records indicate that both brokers are now employed at new firms. On July 19th, 2018, Mr. Sabelhaus joined Prospera Financial Services. On August 1st,  2018, Mr. Cestia III joined Triad Advisors LLC.

Broker Termination: Mismanagement of a ‘Senior’ Investor’s Account

According to reporting from Advisorhub, the two Louisiana-based Edward Jones brokers were dismissed from the firm following allegations that they improperly handled the brokerage account of a “senior client”.

Based on the information found on FINRA’s BrokerCheck tool, Mr. Sabelhaus was terminated after an investigation revealed that he improperly altered the beneficiaries on the account of the senior client of the firm.

In the case of Mr. Cestia III, BrokerCheck indicates that he improperly accepted instructions from an unauthorized party and altered the account of a senior client.

Neither of these brokers has any other disclosures listed on the FINRA records. In addition, neither broker has admitted any wrongdoing.

Get Help From Our Investment Fraud Lawyers

At Sonn Law Group, our securities fraud lawyers have deep experience handling elder financial abuse claims. If you or your elderly loved one was the victim of fraud, please reach out to our legal team today for a free, fully confidential case evaluation.

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