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.

Michael Rozenbaum
AWC/2009016742001

Rozenbaum misappropriated funds from a customer by depositing into his personal bank account a $5,000 check, which he endorsed, that the customer had sent for deposit into her Roth IRA account to fund a mutual fund purchase, and thereby converted the funds to his own use and benefit. The customer did not authorize Rozenbaum to deposit her funds into his bank account. The firm made the customer whole and Rozenbaum subsequently reimbursed the firm.

Michael Rozenbaum : Barred

Tags: Checks