The Financial Industry Regulatory Authority has barred a former NYLIFE Securities and Pruco Securities rep who allegedly forged annuity applications and then provided "false and misleading testimony to FINRA staff" while it was investigating her termination from the New York Life division, according to FINRA.
NYLIFE Securities and Pruco Securities are units of New York Life Insurance Co. and Prudential Financial, respectively.
Alexis Cooke signed a FINRA letter of acceptance, waiver and consent on July 23 in which she agreed to be barred from associating with any FINRA member firm in all capacities. FINRA signed the letter Friday.
Cooke became registered as an investment company and variable contracts products rep with NYLIFE in November 2016. On July 13, NYLIFE filed a Form U5 notice disclosing that Cooke resigned in June 2018 during an internal investigation into allegations that she "submit[ed] insurance and annuity applications for customers without the customers' full knowledge or consent … for the purpose of meeting production requirements," according to FINRA.
In June 2018, Cooke became associated with another firm, also as an IR, according to FINRA. On July 12, 2021, that member firm filed a Form U5 stating that Cooke was voluntarily terminated as of June 24, 2021, FINRA said. FINRA did not identify the other firm in its AWC letter. But that firm was Pruco, according to Cooke's report on FINRA's BrokerCheck website.
"We reported this matter to the proper authorities when it came to our attention and fully cooperated with the investigation," New York Life spokesman Kevin B. Maher told ThinkAdvisor on Monday. "Those involved are no longer with the company and no losses were sustained by any customers," he said.
Pruco/Prudential did not immediately respond to a request for comment.
'Falsification, Impersonation and Forgery'
Between May 2017 and February 2018, while associated with NYLIFE, Cooke "engaged in falsification, impersonation, and forgery with respect to two variable annuity applications involving two firm customers, and falsification with respect to two fixed annuity applications also involving those customers," FINRA alleged.
