The Financial Industry Regulatory Authority has filed a complaint against a former Pruco Securities representative, saying he forged 64 customers' signatures on 115 annuity applications without the customers' prior knowledge or consent.
According to the complaint, Avinesh Shankar forged the signatures between November 2022 and January 2024 while registered with Pruco Securities.
In October 2019, Shankar became registered with FINRA as a general securities rep and an investment company and variable contracts products rep with Pruco, the securities arm of Prudential Financial.
Pruco fired him on Feb. 20, 2024. A Form U5 filed March 13 stated that he had been terminated for "submit[ting] numerous annuity applications containing inaccurate information and non-genuine electronic customer signatures for over 30 different customers resulting in his receipt of commissions to which he was not otherwise entitled, which were recaptured by the Company on multiple occasions."
Shankar submitted the forged annuity applications and received from the firm advanced payment on commissions for the associated annuities, according to the complaint. The annuities were never funded. In total, Shankar received $511,610 in commissions to which he was not entitled.
Shankar violated FINRA Rule 2010 by forging customer signatures and converting funds, the complaint states.
In January 2024, Pruco "confronted Shankar about some of the forged annuity applications," the complaint states. "He eventually admitted to the firm that he had forged customer signatures and did so to earn commissions."
Between Nov. 21, 2022, and Jan. 23, 2024, for each of the 115 annuity applications listed, Shankar signed the customers' names on the annuity applications using electronic signature software.
"None of these customers had given Shankar permission to submit the applications or sign their names and were not aware that he was doing so," FINRA said.
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