Articles Tagged with Unauthorized Transactions Lawyer

Cristina Sabengsy, a former registered representative with NYLife Securities LLC, submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) and has been barred for allegedly forging signatures in order to facilitate unauthorized transactions, violating FINRA Rule 2010.

In February 2016, Cristina Sabengsy registered as an Investment Company and Variable Contracts Products Representative with NYLife Securities LLC. According to FINRA, from April 2016 through October 2017, Sabengsy forged the signatures of two of her insurance customers on fourteen insurance and variable annuity policy documents without permission. The findings stated that neither customers were made aware or consented to the  transactions related to purchasing a variable annuity for one customer and converting the other customer’s term life insurance policy to a whole life insurance policy. The findings also stated that Sabengsy forged signatures on at least 10 other documents in order to receive commission. Although these were authorized transactions, the customers did not authorize the signing of their names. On March 7, 2018, the Firm filed a Uniform Termination Notice for Securities Industry Registration (“Form U5”) terminating Sabengsy. Continue Reading