Rosaline Alam: FINRA Bars Former Pruco Advisor

Former Claremont, California financial advisor Rosaline Alam (CRD# 5742202) was recently barred in connection with alleged rule violations. Financial Industry Regulatory Authority records show that she was most recently registered as a broker with Lincoln Investment, having previously been registered with Pruco Securities.

A Letter of Acceptance, Waiver, and Consent (No. 2023080253301) discloses FINRA’s disciplinary action against Ms. Alam. Filed in May 2024, it states that FINRA initiated an investigation into a disclosure made by Pruco Securities in November 2023. The disclosure in question stated that the firm had received allegations that she “misappropriated funds from an elderly client and, in violation of Company policy, had been named a beneficiary in the client’s will.” According to the AWC Letter, FINRA sent Ms. Alam a request on April 15, 2024 to provide documents and information in connection with its investigation into the circumstances surrounding this disclosure. However, FINRA states, she indicated to FINRA via counsel on April 29 that she would not produce the requested documents or information “at any time.” Finding that she violated FINRA Rules 8210 and 2010, it barred her from associating with any FINRA member firm in any capacity.

Ms. Alam’s BrokerCheck report discloses one investor complaint. Filed in Filed in December 2023, it alleged that as a representative of Pruco Securities, she “did not fully disclose all the facts regarding surrender charges and fees.” The complaint alleged unspecified damages and was denied by the firm.

According to the Financial Industry Regulatory Authority, Rosaline Alam holds 13 years of securities industry experience. Most recently based in Claremont, California, she was registered as a broker with Lincoln Investment from 2023 until 2024. Her past registrations include Pruco Securities (Claremont, California; 2016-2023), NYLife Securities (San Dimas, California; 2011-2016), and Waddell & Reed (Brea, California; 2010-2011). Her credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. She is not currently licensed with any state or registered with any FINRA member firm. (Information current as of June 11, 2024.)

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