Richard Wood, an agent in Miamisburg, Ohio who was with American General Securities Inc., promised to invest two sisters' money but used the funds for himself.
The sisters were beneficiaries of an aunt who had been a client of Wood. Wood provided both sisters with a false account number for a fake brokerage account. He was eventually found out, and forced to repay one of the sisters. The firm repaid the other sister.
The Financial Industry Regulatory Authority (FINRA) barred Wood in an agreement in which Wood did not have to admit or deny the allegations.
Lucky for the sisters, they have their money back.
Monday, August 24, 2009
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