FINRA’s Department of Enforcement investigated Yoon alleged misconduct and found he committed several fraudulent transgressions in connection with life insurance policies. First, according to FINRA, Yoon represented to the beneficiary of a recently deceased husband’s life insurance policy that a penalty was required to obtain the death claim payment. Yoon induced the widow to draft a blank but signed check in the amount of $55,445.84 to pay the purported penalty, which in realty did not exist. Fortunately for the widow, she stopped payment before Yoon could deposit the check.
In addition, FINRA alleged Yoon forged customer signatures on life insurance applications. Specifically, in 2010 and 2011, Yoon forged a customer’s signature on seven term life insurance applications without the customer’s knowledge or consent. Following these events, FINRA requested a statement from Yoon regarding allegations he forged the signatures; and Yoon prepared a statement addressed to FINRA that contained false and misleading statements regarding the customer forgeries.
Yoon’s alleged misconduct violated FINRA Rule 2010 requires members to comply with “high standards of commercial honor and just and equitable principles of trade.” Here, Yoon consented to an AWC, without admitting or denying the findings, that he lied to the widow regarding the death payment penalty and falsified life insurance applications, and as consequence, violated financial industry rules and regulations.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you lost money investing with Yoon through Pruco, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.