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Christopher Yoon, a Stockbrokerwith Pruco Securities, LLC, was permanently barred by Financial Industry Regulatory Authority (FINRA) after consenting to findings that he lied about a life insurance beneficiary to obtain a signed blank check and forged or caused to be forged customer signatures on life insurance documents and application related materials. Letter of Acceptance, Waiver, and Consent, No. 2014041304001 (July 14, 2015). Yoon was discharged by Pruco Securities, LLC on August 18, 2014, after allegations surfaced of his misconduct. He is barred from acting as a broker or otherwise associating with firms that sell securities to the public, according to FINRA.
According to the AWC, on May 27, 2014, Yoon told an individual EK, who was the beneficiary of EK’s recently deceased husband’s $650,000 life insurance policy that she must pay a penalty as a result of the life insurance policy’s death claim payment. The AWC noted that EK provided Yoon a signed check for $55,445.84 in order to cover the penalty that FINRA found not to have existed. Yoon had reportedly lied about the entire basis of the penalty. FINRA found this conduct to be violative of Rule 2010.
Further, in 2010 – 2011, Yoon had forged at minimum of twelve signatures in connection with two term life insurance policies, with each policy being purchased for coverage totaling $300,000 for Yoon’s client HY. The AWC reported that Yoon had caused these documents to be forged without HY’s consent or knowledge. FINRA also found that Yoon had lied by making misleading and false statements concerning the forgeries in documents that Yoon prepared for Pruco in order to provide to FINRA. FINRA claimed Yoon violated Rule 2010 as a result.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Public disclosure records via FINRA’s BrokerCheck reveal that Yoon settled a customer dispute for $9,041.88 after the customer alleged that Yoon forged his signature in order to fraudulently create an additional life insurance application.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.