Between November 2022 and January 2024, Avinesh Shankar signed 64 customer names without the customers’ permission on 115 annuity applications. This is FINRA’s findings from an order accepting an offer of settlement from Shankar.
Shankar submitted the forged annuity applications to Pruco, his firm, without the customers’ knowledge that he forged their signatures. For each of the annuity applications, the associated annuity was unfunded at the time of application and remained unfunded.
Shankar’s apparent motive for the forgery was the heightened payments paid in advance of the sale of annuities. Pruco paid Shankar advanced commissions after receipt of 114 of the 115 annuity applications. In total, Shankar received from the firm $511,609.74 in advanced commissions for forged annuity applications.
FINRA Rule 2010 requires associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business.
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