A Washington state broker-dealer was barred from associating with FINRA members after investigators say he obtained more than $48,000 through unauthorized transactions in a relative’s variable annuity account.

John Hadland Josephson, a registered representative in Vancouver, Wash., was found to have submitted surrender or withdrawal requests through his member firm to the issuer of the variable annuity, causing the liquidation of $48,716.81 from the account without the relative’s knowledge or consent, FINRA records show.

Josephson received checks payable to his relative totaling $45,230.15 as a result of the partial liquidations, then spent the money, records show.

He was found to have signed the woman’s signature to surrender and withdrawal request forms and as endorsements to checks payable to her, records show.

Josephson, who did not admit to or deny the allegations, failed to appear for an interview with FINRA officials.