FINRA lists the following on their website under “Disciplinary and Other FINRA Actions, September, 2013.”
Stephen Yarkpazuo Jensen (CRD #4400624, Registered Representative, Redford, Michigan)
was barred from association with any FINRA member in any capacity. Jensen misappropriated a client’s funds without her knowledge by taking loans totaling $12,500 against her insurance policy and forging her checks.
FINRA's findings stated that the client did not request or consent to the loans. When the customer received a check at her home address and brought it to Jensen to return to the insurance company, Jensen forged the client’s endorsement on the check and cashed it. Several months later, Jensen changed the client’s mailing address to his office address without her knowledge or consent.
FINRA's findings also stated that Jensen had applied for additional loans against the customer’s policy and the loan proceeds were mailed to Jensen’s office. When Jensen received each check, he forged the client’s endorsement and cashed it without her knowledge or consent.
FINRA's findings also included that the customer was unaware of the loans until she telephoned the insurance carrier to check on the designation of beneficiaries on her insurance policy. The insurance company cancelled the loans taken against the customer’s policy. (FINRA Case #2010024062601)
Stephen Yarkpazuo Jensen was previously registered with FINRA at the following brokerage firm:
ALLSTATE FINANCIAL SERVICES, LLC
CRD# 18272
DETROIT, MI
09/2001 - 10/2010
The FINRA information ends here.
If you or a family member have become alleged victims of an insurance fraud, contact an attorney at Soreide Law Group for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552.
Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court, and before the Financial Industry Regulatory Authority (“FINRA”).
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