Justine Marie Cantafio (also known as Justine Marie Wachs), of Scranton, Pennsylvania, a stockbroker registered with NYLIFE Securities, has been fined $7,500.00 and suspended for twelve months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Cantafio submitted unauthorized life insurance applications. Letter of Acceptance, Waiver, and Consent No. 2022076531801 (April 22, 2024).
According to the AWC, in April 2022, Cantafio submitted two life insurance applications without the customers’ knowledge or approval. She allegedly forged the customers’ electronic signatures. Ihe submitted the applications to NYLIFE’s insurance affiliate as authentic, authorized applications. In fact, the customers did not know about the applications and had not authorized Cantafio to complete or submit them.
FINRA indicates that instead of directing these complaints to NYLIFE’s Compliance Department, Cantafio tried to settle the matter privately by sending the customers checks to refund the premiums. Consequently, she violated FINRA Rule 2010.
Cantafio was associated with NYLIFE Securities LLC in Scranton, Pennsylvania from June 3, 2019, to October 21, 2022.
