Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Regulation and Compliance > Federal Regulation > FINRA

FINRA Seeks Sanctions Against Ex-Pru Rep Over Fake Insurance Applications

By Jeff Berman

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • In addition, the ex-Pruco broker allegedly forged clients’ signatures.

The Financial Industry Regulatory Authority says it is seeking sanctions against a former Pruco Securities representative who allegedly submitted “fictitious” life insurance applications and forged signatures on electronic life insurance applications.

The ex-broker, Alon Zak, then “failed to respond to two requests for information and documents” when FINRA was investigating his actions at Pruco, the securities arm of Prudential Financial, which led the unit to terminate him in January 2020, according to FINRA’s BrokerCheck website.

In April, FINRA made a preliminary determination to recommend that disciplinary action be brought against Zak.

Prudential and Zak did not immediately respond to requests for comment Friday.

A FINRA Department of Enforcement complaint filed on Thursday alleged that Zak, from April 2019 through August 2019, “created three fictitious life insurance policy applications for two former insurance customers,” identified only as “BM” and “CM,” and then submitted them to Pruco’s insurance affiliate.

“Zak also forged BM’s and CM’s signatures by electronically affixing their signatures on the applications without their knowledge or consent,” FINRA alleged.

In July 2019, Zak also forged the signature of firm customer “AP” by “electronically affixing her signature on a life insurance policy application without her knowledge or consent,” according to FINRA.

Then, in October 2020, in connection with FINRA’s investigation of Zak’s forgery of signatures on life insurance applications, he “failed to respond to two requests for information and documents,” it alleged.

As a result of his actions, Zak violated FINRA Rules 2010 and 8210, according to FINRA.

(Photo: Shutterstock)

Jeff Berman

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.