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.

Richard Joseph Stratman
AWC/2009019569401

Without permission and authority, Stratman  used a customer’s bank account to electronically pay his own personal bills and expenses. Stratman took specific steps to misappropriate $4,713.50 but was only successful in converting $2,717.92 because the additional disbursements were prevented when the bank stopped payment on the transactions. The bank compensated the customer and Stratman reimbursed the bank to cover the amounts the bank paid to the customer.Stratman wrongfully converted approximately $2,717.92 from the customer and attempted to wrongfully convert an additional $2,000.

Richard Joseph Stratman : Barred

Tags: Bank