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FINRA Suspends Broker Hector Luna After Making His Family Beneficiaries For Elderly Client

Hector Luna (Hector Luis Luna) is a previously registered broker whose last employer was Pruco Securities, LLC. (CRD#:5685). He has been in the industry since 2012. During Luna’s tenure, specifically from September 2018 through his termination in January of 2019, Pruco Securities had a policy that prohibited representatives or any of the representative’s family members from becoming beneficiaries of a customer's life insurance policy. Luna also stated annually that he understood this policy, and would report to his manager any known violation that he became aware of. Despite this annual declaration, Luna assisted a senior customer of the firm to change the beneficiaries of two life insurance policies to Luna’s wife and adult children. The total combined value of these policies was $350,000. At first, the customer suggested making Luna the beneficiary, but Luna declined based on the firm’s policies, then suggested his wife and children. Once the beneficiaries were changed, Luna submitted the forms but did not notify the firm of his family members involvement.Hector Luna (Hector Luis Luna) is a previously registered broker whose last employer was Pruco Securities, LLC. (CRD#:5685). He has been in the industry since 2012.

During Luna’s tenure, specifically from September 2018 through his termination in January of 2019, Pruco Securities had a policy that prohibited representatives or any of the representative’s family members from becoming beneficiaries of a customer’s life insurance policy. Luna also stated annually that he understood this policy, and would report to his manager any known violation that he became aware of.

Despite this annual declaration, Luna assisted a senior customer of the firm to change the beneficiaries of two life insurance policies to Luna’s wife and adult children. The total combined value of these policies was $350,000. At first, the customer suggested making Luna the beneficiary, but Luna declined based on the firm’s policies, then suggested his wife and children. Once the beneficiaries were changed, Luna submitted the forms but did not notify the firm of his family members involvement.

Pruco Securities issued a Form U5 on 1/30/2019, citing “failure to meet minimum production requirements” as the cause for his termination. Shortly thereafter, the customer updated the change forms, removing Luna’s wife and children as beneficiaries. None of Luna’s relatives received any money from either insurance policy.

FINRA issued a three-month suspension and a $5,000 fine to Luna, lasting until 9/14/2020. Although Luna voluntarily waived his right to claim that he was unable to pay, there is currently no indication that he has paid the fine.

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