A registered representative from New York was barred by FINRA after he misappropriated at least $624,000 in customers’ funds.

Michael Lewis Axel initiated the issuance of checks from the customers’ accounts, without the customers’ knowledge or consent, according to FINRA records. He obtained the checks ostensibly so that he could deliver them to the customers, forged the customers’ signatures, and then cashed the checks or deposited the checks into his personal bank account, FINRA investigators found.

Axel also was found to have effected unauthorized transactions in customers’ accounts without their knowledge, authorization or consent, and that he failed to appear for an on-the-record interview with FINRA officials.

He neither admitted nor denied FINRA’s findings.