Michael Maser entered the securities industry in 2000. In 2007 Mr. Maser joined LPL Financial and remained there until his termination in 2009. Michael Maser is currently not registered with any FINRA member.
On April 26, 2012, Michael Maser and FINRA entered into a letter of acceptance, waiver and consent, known as an AWC (No. 2009017001301). According to the AWC, between December 2008 and January 2009, while employed at LPL Financial, Michael Maser liquidated funds in securities accounts of two customers with their understanding that he would use those funds to purchase fixed annuities on the customer’s behalf. Without the customers’ consent or knowledge, Mr. Maser deposited those funds into bank accounts that he opened with the customers’ names. Michael Maser then instructed the bank to issue a $23,800 check to himself at his home address and to have the bank make monthly payments to the customers, which would have equaled their monthly annuity payments. This constituted a violation of various FINRA Rules.
In connection with this conduct, Michael Maser consented to a bar from associating with any FINRA member in any capacity. For more information on Michael Maser’s bar from FINRA, please visit their website.