After sending supplemental information, Finra said it then twice requested that Zak provide on-the-record testimony via videoconference, but Zak failed to appear for both.
Finra said Zak’s failure to appear and provide on-the-record testimony impeded its investigation and prevented it from further investigating the fictitious and forged insurance applications he submitted. It also hindered the regulator’s investigation into whether Zak had submitted additional fictitious life insurance policy applications and evaluating his denial that he had done so.
Zak violated Finra Rule 2010 by creating the fake policies and forging customer’s information on the documents, Finra said. He also is in violation of Finra Rule 8210 for failing to respond to requests for documents. Finra is seeking sanctions, including monetary sanctions, against Zak.