A Miamisburg, Ohio, securities broker was barred by FINRA for misappropriating a $90,000 inheritance two sisters received from their deceased aunt.

The man, Richard L. Wood, who worked for American General Securities Inc., created and sent false account statements to cover up the theft, FINRA records show. Investigators say he used the money for himself.

In August 2006, one of his customers died, leaving the two victims, her nieces, as beneficiaries of her estates. While helping liquidate the estate, Wood recommended that each sister open a brokerage account or invest in bonds, FINRA said.

But he did not open up the accounts or invest the money in bonds. Instead he misappropriated the funds by instructing the sisters to make their checks payable to an entity under Wood’s sole control, STL Financial Inc., investigators said.

Wood provided each sister with a false account number for a fictitious brokerage account. In late 2007, one of the sisters became concerned with she realized she had received no documentation on the account and her investment in bonds. She contacted Wood, who assured her she would soon receive written confirmation. After repeated requests, FINRA said, he created a false customer account statement and sent it to her. He sent her at least two other false statements over the next six months, investigators found.

Wood eventually returned the money to one of the sisters and the other received reimbursement from his member firm.

Wood agreed to be permanently barred by FINRA. He did not admit or deny the allegations, but did consent to FINRA’s findings.