Alon Zak of Sherman Oaks California a stockbroker formerly registered with Pruco Securities has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement with forging customer signatures and submitting insurance documents to Pruco’s insurance affiliate without customers’ authorization. Department of Enforcement v. Alon Zak Disciplinary Proceeding No. 2020065349803 (Aug. 19, 2021).
According to the Complaint, between April of 2019 and August of 2019, when Zak was associated with Pruco Securities, he falsified Prudential insurance documents using information from his prior customers. He then submitted those documents to an insurance affiliate of Pruco Securities to be processed. The customers’ signatures were allegedly electronically placed on applications by Zak unbeknownst to customers and without their consent. Department of Enforcement alleged that Zak violated FINRA Rule 2010.
The Complaint also stated that in July of 2019, another customer’s signature had been forged by Zak in reference to a life insurance policy. The customer neither knew nor consented to Zak’s actions. Zak violated FINRA Rule 2010 according to the Complaint.
FINRA Department of Enforcement also stated that in October of 2020, while Zak was being investigated by FINRA, he did not timely respond to at least two of the requests FINRA made for his documents and information. The Complaint stated that Zak began to cooperate after proceedings were brought against him. The regulator noted that in January of 2021, Zak responded after being suspended by FINRA for his noncompliance. The response came three months after FINRA asked for it. Zak’s actions violated FINRA Rules 2010 and 8210 according to the Complaint.
By the time that Zak’s suspension was lifted for complying with the regulator’s request, Zak was expected to cooperate further by testifying on March 26, 2021 and April 5, 2021. He allegedly violated FINRA Rules 2010 and 8210 for not showing up.
Zak was registered with Pruco Securities between June 28, 2018 and January 22, 2020. He was discharged by Pruco Securities based on accusations of him submitting false signatures on customers’ applications and using private accounts to engage in business.
