Michael Lewis Axel (CRD # 9164, Registered Representative, New York, New York) 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, Axel consented to the described sanction and to the entry of findings that he misappropriated at least $624,000 from customers of his member firm. The findings stated that, 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. The findings also stated that Axel effected unauthorized transactions in customers’ accounts without their knowledge, authorization or consent. The findings also included that Axel failed to appear for a FINRA on-the-record interview. (FINRA Case # 2007011308801)

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