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.