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Written by 6:10 pm Blog, Securities Fraud Articles

Michael Lewis Axel barred from FINRA for violations

FINRA recently announced that Michael Lewis Axel, formerly of Tripp & Co., Inc. in New York City , has been barred from association with any FINRA member firm in any capacity.

Without admitting or denying the findings, Axel consented to the described sanction and to findings that he misappropriated at least $624,000 from customers of his member firm. The findings further stated that, without the customer’s knowledge, authorization or consent, Axel initiated the issuance of checks from the customers’ accounts, obtaining the checks so that he could deliver them to the customers, and then forged the customers’ signatures and cashed the checks or deposited the checks into his personal bank account. Finally, the findings also stated that Axel effected unauthorized transactions in customers’ accounts without their knowledge, authorization, and consent.

Prior to working as a financial advisor for Tripp & Co., Inc., Michael Axel was a registered representative with Apple Financial Corporation (from 1985-1989) and Brodis Securities Incorporated (1983-1985).

If you have questions about investments you made with Michael Axel, and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312-238-9650 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on the firm visit https://whitesecuritieslaw.com.

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