Cristina Sabengsy, Formerly of NYLife Securities, LLC, Barred by FINRA for Alleged Forgery of Client Signatures

Cristina Sabengsy allegedly forged signatures of three of her insurance customers on fourteen insurance and variable annuity policy documents without their permission.

The Sonn Law Group is investigating allegations of misconduct against Cristina Sabengsy. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.

On October 1, 2019, Cristina Sabengsy (CRD#:6304970) consented to being barred from association with any FINRA member firm. In their findings, FINRA alleged that from April 2016 through October 2017, Sabengsy forged the signatures of three of her insurance customers on fourteen insurance and variable annuity policy documents. She used the forgeries to facilitate unauthorized insurance transactions.

Specifically, in August 2017, Sabengsy forged the signature of her customer “RD” on two documents related to the purchase of a variable annuity policy. RD was not aware of, and did not authorize the purchase of the variable annuity policy. Additionally, in October 2017, Sabengsy forged the signature of another customer, “SM”, on two insurance policy documents in order to effect a transaction converting his term life insurance policy to a whole life insurance policy. SM was not aware of, and did not authorize the conversion of the policy.

FINRA alleged that Sabengsy forged customers’ signatures on at least 10 other documents. In those instances, the underlying transactions themselves were authorized, but the forgery of the customers’ names was not. By doing so, Sabengsy was in violation fo FINRA Rules.

Sabengsy’s BrokerCheck report indicates two other disclosures. A customer dispute relating to the allegations above was brought in April of 2018 and settled for $2,160.16. Additionally, the report indicates that Sabengsy was permitted to resign from NYLife after review of her sales activities indicated possible non-genuine customer signatures on forms related to the purchase of insurance policies.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.