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.

Cheryl Ann McMahon
AWC/2011027268801

McMahon worked as an associate financial representative for registered representatives and assisted each of her assigned registered representatives with their daily brokerage tasks, which included ensuring that all incoming checks were properly deposited in the appropriate bank account. McMahon misappropriated $2,024.22 by forging a registered representative’s signature on commission checks from insurance product sponsors; McMahon made each of the checks payable to herself and deposited the forged checks into her personal bank account.

Cheryl Ann McMahon : Barred

Tags: Checks