Fred Luther May III (CRD # 3193207, Registered Principal, San Antonio, Texas) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, May consented to the described sanction and to the entry of findings that he misappropriated $437,000 from a trust account for which an individual at his member firm acted as trustee. The findings stated that May transferred the funds to his own bank account by forging transfer requests with the trustee’s signature, without having provided May with authority to sign his name or to effect the transfers. (FINRA Case # 2007010954301)