A Jersey City, N.J., man was barred by FINRA for his mishandling of life insurance proceeds and his deceased friend’s estate.

Michael Gerald Delano III, a registered representative, was given the power of attorney over a deceased friend’s estate by the deceased person’s brother, FINRA records show. He also was requested to handle the $50,000 in life insurance proceeds.

Delano was found to have deposited the funds into his personal bank account and used the majority of the funds for his personal expenses without the brother’s consent, FINRA records show. Investigators said Delano indicated to the brother that he had invested the life insurance proceeds into an annuity on the brother’s behalf.

Delano neither admitted nor denied FINRA’s findings.

This story originally appeared in the March 2010 print edition of Insurance & Financial Advisor.