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 Gerald Delano III
AWC/2008013543001

Delano was given the power of attorney over a deceased friend’s estate by the deceased’s brother and was requested to handle the $50,000 in life insurance proceeds. Delano deposited the funds into his personal bank account and used the majority of the funds for his personal expenses without the brother’s consent. Delano represented to the brother that he had invested the life insurance proceeds into an annuity on the brother’s behalf.

Michael Gerald Delano III: Barred

Tags: Power of Attorney  Deceased  Estate