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 Lewis Axel
AWC/2007011308801

Axel misappropriated at least $624,000 from customers of his member firm. 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. Axel effected unauthorized transactions in customers’ accounts without their knowledge, authorization or consent. He failed to appear for a FINRA on-the-record interview.

Michael Lewis Axel: Barred

Tags: Check  Forgery