Steven John Sosnowski of Bloomington Illinois a former State Farm VP Management Corp. registered representative has been fined $5,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he forged a customer’s signature on a life insurance policy. Letter of Acceptance Waiver and Consent No. 2018057468601 (Oct. 11, 2018).
According to the AWC, in December of 2016, during the time that Sosnowski was associated with State Farm VP Management Corp., he placed a customer’s signature on a term life insurance contract without the customer having known or consented to Sosnowski’s activities. Evidently, Sosnowski forged the customer’s signature so that he could be eligible for benefits, including traveling arrangements, provided by an affiliate of State Farm.
The AWC stated that the customer subsequently discovered that a policy had been issued in the customer’s name, prompting the customer to contact State Farm to complain. The firm ultimately investigated Sosnowski’s activities, at which time Sosnowski admitted to having forged the customer’s signature. Consequently, FINRA found Sosnowski’s conduct violative of FINRA Rule 2010.
The AWC revealed that on February 14, 2018, Sosnowski was terminated from State Farm based upon the allegations of his misconduct as referenced in FINRA’s disciplinary action against him.
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