Michael Gerald Delano III (CRD # 2205315, Registered Representative, Jersey City, New Jersey) 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, Delano consented to the described sanction and to the entry of findings that he 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. The findings stated that 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. The findings also stated that Delano represented to the brother that he had invested the life insurance proceeds into an annuity on the brother’s behalf. (FINRA Case # 2008013543001)

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