Michael Patrick Maser (CRD # 4135703, Registered Representative, Boynton Beach, Florida) 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, Maser consented to the described sanction and to the entry of findings that he liquidated funds in the customers’ securities accounts with the customers’ understanding that he would use the funds to purchase fixed annuities on their behalf. The findings stated that, without the customers’ knowledge, permission or authority, Maser deposited the funds into bank accounts he opened in each of their names. The findings also stated that he created passwords for the accounts which he used to instruct the bank to issue a $23,800 check payable to himself at his home address and to have the bank make monthly payments to each of the customers that were equivalent to the payments they would have received had he purchased the annuities for them.

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