Finra bars former Pruco rep for falsifying variable annuity paperwork

Finra bars former Pruco rep for falsifying variable annuity paperwork
To meet sales quota, Karen Paek created six fake applications.
AUG 06, 2019

The Financial Industry Regulatory Authority Inc. has barred former Pruco-registered representative Karen Paek for creating, signing and submitting six fictitious variable annuity applications to meet her minimum production requirements at Pruco. (More:​ Former MetLife, Prudential broker accused of deceptive variable annuity sales practices) Ms. Paek, who joined the firm in 2015 and was discharged in February 2018, received approximately $23,000 in advance commissions for the fictitious VA applications, all of which was recovered by the Pruco, Finra said. She engaged in the rule-breaking activity between November 2016 and December 2017, Finra said it began its investigation in March 2018 after Pruco terminated Ms. Paek's registration.

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