South Florida Arbitration & Litigation Lawyer Blog
Conversion, Theft and Misappropriation FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq.
September, 2011:
Lazaro E. Salado (CRD #2899323, Registered Representative, Miami, Florida) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Salado misappropriated $186,114.28 from customers by causing his member firm to issue checks drawn on customers’ bank accounts made payable to his bank loan account. The findings stated that the checks bore signatures purporting to be that of the customers; however, none of the customers authorized the withdrawals or signed the checks. The findings also stated that Salado failed to respond to FINRA requests for information. (FINRA Case #2009021081301).