The Financial Industry Regulatory Authority (FINRA) today said it barred an Ohio broker from the securities industry for misappropriating a $90,000 inheritance from two sisters.

According to FINRA, Richard Wood, a Miamisburg, Ohio broker who worked for American General Securities Inc., took the inheritance the sisters received from a deceased aunt and used it for his own purposes.

The aunt, who was one of Wood's clients, passed away in August 2006 and her nieces were beneficiaries of her estate. Wood recommended the sisters open a brokerage account with him and invest in bonds. Rather than open the accounts, Wood stole the money and covered his tracks by providing both sisters with a false account number for a fake brokerage account.

Wood was eventually caught, and later returned stolen funds to one of the sisters. The other sister was reimbursed by the firm.

Wood agreed to be permanently banned from the industry without admitting or denying the allegations.