FINRA barred broker Karen Paek of Pruco Securities LLC's El Segundo, California branch for creating, signing, and submitting fictitious variable annuity (VA) applications in the names of Pruco and prior-firm First Investors Corporation customers in order to meet a quota at Pruco.
In AWC #2018057657501, investigators wrote that stockbroker Karen Paek (CRD #5985441) completed and submitted six fictitious VA applications to Pruco in order to meet her minimum production requirements at the firm, submitting applications in the names of several former customers at First Investors Corporation of Monrovia, which was Paek's former firm before she joined Pruco in 2015.
The findings indicate Paek also submitted fake VA applications in the names of two Pruco/Prudential Insurance Company of America customers, and an additional prospective customer at Pruco Securities.
Paek allegedly forged these investors' electronic signatures on all the variable annuities applications, and, according to the findings, none of the named customers were aware of or authorized the VA applications.
The report states that Paek created fake third-party brokerage statements and submitted them to Pruco to give the false impression that the VAs would be funded from third party accounts.
Paek, whom Pruco discharged in 2018 based on allegations that she created multiple non-genuine annuity applications and customer financial statements with false customer information, purportedly received $23,000 in advance commissions for the fictitious VA applications.
If you have invested with former Pruco Securities broker Karen Paek or with any investment adviser or registered representative who has submitted a fake securities application in your name or whose forgery or falsification of documents to mask misconduct has proven harmful to your financial welfare, please call our experienced FINRA arbitration attorneys at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.