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NYLife Rep Cristina Sabengsy Barred: Unauthorized Transactions

The Financial Industry Regulatory Authority barred former Deerfield, Illinois broker Cristina Sabengsy (CRD# 6304970) after finding she forged customer signatures in order to conduct unauthorized transactions for which she received commissions. Sabengsy is a former representative of NYLife Securities.

According to a Letter of Acceptance, Waiver and Consent (No. 2018057717301) dated October 2019, Cristina Sabengsy was associated with NYLife Securities as an Investment Company and Variable Contracts Products Representative when she “forged the signatures of two of her customers in order to facilitate unauthorized transactions and obtain commissions on those transactions.” The letter states specifically that in August 2017, she forged one customer’s signature on two documents connected to a variable annuity purchase, and that the customer neither knew about nor authorized that purchase. She also allegedly forged another customer’s signature on two insurance policy documents in order to convert a term life insurance policy to a whole life insurance policy, however, that customer also did not authorize or know about the transaction.

According to the AWC Letter, Sabengsy “forged customers’ signatures on at least 10 other documents” while she was registered with NYLife Securities. In those cases, it states, she had customer authorization for the underlying transactions, but not to sign their names; however, she allegedly “forged the customers’ signatures in order to advance the receipt of commissions” on eight documents relating to one customer’s term life insurance transactions, and two documents relating to another customer’s whole life insurance policy purchase. Neither customer authorized her to sign their names, according to FINRA. As a result of the foregoing alleged conduct, Sabengsy was barred from association in any and all capacities with any FINRA member firm.

Cristina Sabengsy’s FINRA records also list one customer complaint against her: a 2018 complaint alleging that she “submitted an unauthorized electronic application for a whole life conversion of a term life insurance policy,” and further that she failed to deliver the new policy. The complaint reached a settlement of $2,160.16.

Cristina Sabengsy is not currently registered as a broker or an investment adviser. Her employment history includes NYLife Securities in Deerfield, Illinois, where she was registered from 2016 until 2018. She has passed two securities industry qualification examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. She currently holds no state licenses. (Information current as of April 15, 2020.)

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