Christina Sabengsy (also known as Christina Ioana Colwell) of Deerfield Iowa a stockbroker formerly registered with NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that the signatures of NYLife Securities LLC customers had been forged by her on documentation to effect unauthorized annuity and insurance transactions. Letter of Acceptance Waiver and Consent No. 2018057717301 (Oct. 2, 2019).
According to the AWC, during the period in which Sabengsy was registered with NYLife Securities, she forged at least two customers’ signatures on documents to effect transactions that customers did not authorize. Sabengsy apparently engaged in the forgery so that she could generate commissions from the sale of those insurance policies to customers.
In particular, customer RD’s signature had been forged by Sabengsy on two documents in 2017 in reference to a variable annuity purchase. The AWC stated that RD neither knew of Sabengsy’s actions nor authorized the stockbroker to effect a variable annuity purchase. FINRA also stated that customer SM’s signatures were forged to effect the conversion of SM’s term policy to a whole life policy. SM neither knew nor authorized the policy to be converted to a whole life policy.
FINRA also noted that ten other documents had been forged by Sabengsy to effect transactions despite customers’ never having permitted Sabengsy to sign on their behalf. For example, one customer’s signature had been forged by Sabengsy on eight documents which concerned term life insurance policy purchases; and another customer’s signature on two documents concerning a whole life insurance policy. The AWC stated that Sabengsy was motivated by the commissions that she would receive from resulting transactions. Sabengsy’s forgery was determined by FINRA to be violative of FINRA Rule 2010.
FINRA Public Disclosure confirms that a customer initiated investment related complaint concerning Sabengsy’s conduct was settled to resolve accusations that while Sabengsy was associated with NYLife Securities LLC, she effected an unauthorized transfer of the customer’s whole life policy to a term policy and then failed to deliver the policy to the customer.
On February 5, 2018, Sabengsy was terminated from NYLife Securities LLC based upon allegations of her use of non-genuine signatures on customers’ insurance policy documentation.
