Alon Zak, of Sherman Oaks, California, a stockbroker formerly registered with Pruco Securities LLC (Prudential), has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Default Decision containing findings of Zak’s forgery and falsification of insurance applications and Zak’s failure to testify in a FINRA investigation. Department of Enforcement v. Alon Zak Disciplinary Proceeding No. 2020065349803 (January 31, 2022).
Zak was under investigation since January 2020 when FINRA began to review his life insurance applications while at Prudential Insurance. The investigation led to FINRA filing a complaint against him. Zak failed to respond to the complaint, so FINRA Office of Hearing Officers issued a Default Decision.
According to the Decision, on July 19, 2019, Zak submitted an insurance policy application to Prudential Insurance. He electronically signed the customer’s name on the application. The regulator states that the customer only spoke with Zak about purchasing the policy and had not authorized Zak to sign on their behalf. Also, in 2019, Zak completed two different customers’ applications without Zak meeting with them. Those customers did not authorize Zak to sign on their behalf. FINRA states that Zak’s actions were intentional, and they earned him commissions.
When Zak was under investigation, he failed to timely cooperate with FINRA’s requests for information, violating FINRA Rules 2010 and 8210. Zak also failed to testify when FINRA requested it. He violated FINRA Rules 2010 and 8210 for obstructing the investigation.
Zak was employed by Pruco Securities between June 28, 2018, and January 22, 2020.
