FINRA Bars New York Broker

FINRA barred New York broker Michael Lewis Axel from association with any FINRA member brokerage firm in any capacity. Without admitting or denying the findings, Axel consented to the sanction and to the entry of findings that he misappropriated at least $624,000 from customers of the brokerage firm where he worked. FINRA's findings stated that, without the customers' knowledge, authorization or consent, Axel initiated the issuance of checks from the customers' accounts, obtaining the checks ostensibly so that he could deliver them to the customers, and then forged the customers' signatures and cashed the checks or deposited the checks into his personal bank account. The findings also stated that Axel effected unauthorized transactions in customers' accounts without their knowledge, authorization or consent.

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