Tr?id=566623520170033&ev=PageView&noscript=1

FINRA Charges Former Pruco Securities Broker With Forging Annuity Applications to Generate Commissions

Posted on April 10th, 2026 at 12:10 PM
FINRA Charges Former Pruco Securities Broker With Forging Annuity Applications to Generate Commissions

From the desk of Jim Eccleston at Eccleston Law

The Financial Industry Regulatory Authority (FINRA) has filed a complaint against former Pruco Securities broker Avinesh Shankar, accusing him of forging customer signatures on dozens of annuity applications in order to collect advance commissions.

According to the complaint, Shankar signed the names of 64 customers on 115 annuity applications between November 2022 and early 2024. FINRA alleges that he used electronic signature software to submit the applications without the customers' permission or knowledge. Although the annuities never were funded, Shankar allegedly received $511,609 in advanced commissions tied to the transactions.

FINRA states that the annuities remained unfunded throughout the alleged scheme. When the annuity distributor questioned the unfunded status of the applications, Shankar allegedly provided false explanations. After the annuities went unfunded for 90 days, Pruco Securities sought to recoup the advanced commissions by deducting the amounts from Shankar's paychecks and carrying forward any remaining balance, as reported by Wealth Management.

According to FINRA, Pruco confronted Shankar about the applications, and he eventually admitted that he forged the signatures to earn commissions. Wealth Management reports that Pruco terminated his employment on February 20, 2024. At the time of his termination, FINRA reports that Shankar owed the firm $163,910.71 in unearned commissions.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra, broker misconduct, annuity fraud, pruco securities, securities regulation

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

You are the best attorneys in the country.

CC

LATEST NEWS AND ARTICLES

1786394861 Law
August 10, 2026
FINRA Fines RBC Capital Markets $275,000 Over Anti-Money Laundering Compliance Deficiencies

The Financial Industry Regulatory Authority (FINRA) has censured and fined RBC Capital Markets $275,000 after determining that the firm failed to establish and implement reasonable anti-money laundering (AML) policies and procedures.

1786394691 Law
August 10, 2026
Federal Judge Rejects Merrill Lynch's Renewed Bid to Force Dynasty Into FINRA Arbitration

A federal judge has denied Merrill Lynch's second attempt to compel Dynasty Financial Partners to arbitrate a high-profile dispute arising from allegations that the registered investment adviser (RIA) platform orchestrated the departure of a large Atlanta-based advisory team, according to AdvisorHub.

1786029344 Law
August 6, 2026
Account Takeover Fraud Continues to Rise as Cybercriminals Refine Their Tactics

Cybercriminals continue to refine account takeover schemes, driving billions of dollars in losses for businesses and consumers each year.