NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Richard Allen McGarrah (Registered Supervisor)
2007009387601

McGarrah instructed his assistant to withdraw $60,000 from the joint account of his customers, who were relatives, and make the check payable to them, forged their signatures on the issued check and deposited it into his personal account, without their knowledge or consent. McGarrah subsequently wrote a letter on firm letterhead, informing the customers that the withdrawal was an error and was being rectified, and forged the signature of a supervisor who was no longer employed at the firm to conceal his conversion of customer funds. McGarrah failed to appear for a FINRA on-the-record interview. 

Richard Allen McGarrah (Registered Supervisor): Barred