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

October, 2011:

Miguel Alex Rosas (CRD #5159207, Registered Rep, Naperville, Illinois) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Rosas consented to the described sanction and to the entry of findings that he wrongfully converted a customer’s funds totaling $14,000 for his personal use by submitting withdrawal requests he forged to his member firm and an annuity company, without the customer’s knowledge or consent. The findings stated that Rosas completed and forged other customers’ signatures on variable annuity withdrawal forms and submitted them to annuity companies, without the customers’ knowledge or consent, in an effort to convert funds totaling $45,000 from the customers’ variable annuity accounts for his personal use. The findings also stated that, as indicated on these forms, the funds were to be made payable to a limited liability company for which Rosas was the president and CEO. The findings included that one of the annuity companies cancelled the withdrawal requests and the other annuity company placed stop payments on the checks that were issued.

(FINRA Case #2010024396001).