Fraud, Theft and Forgery FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.

November, 2011:

Cheryl Ann McMahon (CRD #3009145, Registered Representative, Indianapolis, Indiana) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, McMahon consented to the described sanction and to the entry of findings that she worked as an associate financial representative for registered representatives and assisted each of her assigned registered representatives with their daily brokerage tasks, which included ensuring that all incoming checks were properly deposited in the appropriate bank account. The findings stated that McMahon misappropriated $2,024.22 by forging a registered representative’s signature on commission checks from insurance product sponsors; McMahon made each of the checks payable to herself and deposited the forged checks into her personal bank account. (FINRA Case #2011027268801).