The Financial Industry Regulatory Authority (“FINRA”) has barred former NYLIFE Securities broker Cristina Sabengsy based on FINRA’s findings that Sabengsy forged the signatures of two of her customers to facilitate unauthorized insurance transactions and obtain the commissions on those transactions.
The forgeries occurred in 2017, while Sabengsy was employed in NYLIFE Securities’ Deerfield, Illinois branch office. FINRA found that Sabengsy forged a customer’s signature on two documents related to the purchase of a variable annuity policy; the customer was unaware of and did not authorize the purchase. Likewise, Sabengsy forged another customer’s signature to convert a term life insurance policy to a whole life insurance policy.
FINRA uncovered Sabengsy forgeries on at least 10 other documents while she was associated with NYLIFE Securities. FINRA found that these were instances in which Sabengsy forged documents in order to advance receipt of commissions.
FINRA found Sabengsy’s conduct to be in violation of FINRA’s Rule 2010, which requires brokerage firms and stockbrokers to observe high standards of commercial honor and just and equitable principals of trade.
FINRA permanently barred Sabengsy from associating, in any capacity, with any FINRA member firm. NYLIFE had already permitted Sabengsy to resign from the firm in February 2018 following customer allegations of forgery.