NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Kathleen Ann Glaser
AWC/2008012940101

Associated Person Glaser misappropriated funds from a customer’s account for her own use and benefit. Glaser, who was responsible for establishing direct payments and paying some of the customer’s monthly bills, set up an account on a non-firm Web site that was an online bill paying payment service without the customer’s authorization. Glaser used this online service to direct unauthorized payments totaling $8,679.27 from the customer’s securities account to Glaser’s creditors to pay for personal expenses.

Kathleen Ann Glaser: Barred