A former California financial advisor is at the center of a serious regulatory action that every investor should know about. According to FINRA’s BrokerCheck report (CRD# 6232970), Avinesh K. Shankar — formerly a registered representative with Pruco Securities, LLC in Roseville, California — was named a respondent in a formal FINRA complaint filed on February 17, 2026, alleging he converted $511,609.74 from his member firm through deliberate forgery.
The case highlights the very real risks investors face when advisors prioritize personal gain over client trust — and why strong regulatory oversight and experienced legal representation matter.
Allegations Against Financial Advisor Avinesh K. Shankar
Table of Contents
Forgery of Customer Signatures on Annuity Applications
According to FINRA’s complaint (Docket/Case No. 2024081563501), Shankar allegedly forged customer signatures on annuity applications and submitted them to Pruco Securities without the customers’ prior knowledge or consent. The annuities were never funded — meaning clients never agreed to or received the products.
FINRA’s preliminary determination, issued on November 12, 2025, identified three specific rule violations:
- FINRA Rule 2010 – Conversion (misappropriation of firm funds)
- FINRA Rule 2010 – Forgery of Customer Signatures
- FINRA Rules 4511 and 2010 – Causing a member firm’s books and records to be inaccurate
Pruco Securities discharged Shankar on February 20, 2024, citing that he “submitted numerous annuity applications containing inaccurate information and non-genuine electronic customer signatures for over 30 different customers, resulting in his receipt of commissions to which he was not otherwise entitled.”
$511,609.74 in Alleged Excess Commissions
The forged applications allowed Shankar to collect advanced commission payments he was not entitled to receive. FINRA alleges the total amount converted from the firm reached $511,609.74. Because the annuities were never funded, the commissions were recaptured by Pruco Securities on multiple occasions.
Shankar’s own BrokerCheck statement acknowledges the advanced commissions were reversed and that he has been repaying the outstanding balance — noting that over 61% had been repaid at the time of the report, with the remainder on a payment plan with Prudential.
Regulatory Action by FINRA
Formal Complaint Filed February 17, 2026
FINRA’s Enforcement Division filed its formal complaint on February 17, 2026, following a formal investigation that began in November 2025. The complaint is currently pending, meaning the allegations have not yet been adjudicated. However, the regulatory action signals serious concern about Shankar’s conduct during his tenure at Pruco Securities (October 2019 – March 2024).
Prior Employment and Registration History
Shankar’s registration history, per BrokerCheck, includes:
- Pruco Securities, LLC (CRD# 5685) — Roseville, CA — October 2019 to March 2024
- BBVA Securities Inc. (CRD# 27060) — Lodi, CA — October 2013 to September 2019
He is no longer registered with any FINRA-member firm.
Prior Customer Complaints
The BrokerCheck report also reveals two earlier customer disputes, both settled, from his time at BBVA Securities:
- December 2016: A customer alleged Shankar failed to properly disclose the term and value fluctuation of an equity-linked CD purchased in July 2016. The complaint settled for $17,850.
- January 2015: A customer alleged a market-linked CD was unsuitable given their age. The CD was redeemed without penalty; no monetary settlement was paid.
While these earlier disputes are separate from the current FINRA action, they reflect a pattern of disclosure concerns worth noting.
Ethical Implications for Investors
Trust and Integrity in the Financial Advisory Industry
The allegations against Avinesh K. Shankar represent a fundamental breach of the advisor-client relationship. Clients trusted him to act in their best interests — instead, according to FINRA, their identities were used without consent to generate unauthorized commissions.
When an advisor forges signatures, clients lose more than money. They lose the ability to make informed decisions about their own financial futures. This case is a stark reminder that trust must be earned and continuously verified — not assumed.
Why Transparency and Oversight Matter
Regulatory bodies like FINRA exist precisely to catch misconduct before it causes irreparable harm. In this case, FINRA’s investigation uncovered the alleged scheme and moved toward formal disciplinary action. But investors should not rely solely on regulators to protect them.
Reviewing an advisor’s BrokerCheck profile before investing — and periodically throughout the relationship — is one of the most effective steps any investor can take.
Were You Affected? Haselkorn & Thibaut Can Help.
If you invested with Avinesh K. Shankar or were a client of Pruco Securities and believe you may have been affected by unauthorized annuity applications or other misconduct, you may have legal options to recover your losses.
Haselkorn & Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide. With offices in Florida, New York, North Carolina, Arizona, and Texas, our firm has over 50 years of combined experience and a 98% success rate in investor recovery cases.
We handle cases on a No Recovery, No Fee basis — meaning you pay nothing unless we win.
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Conclusion
The FINRA complaint against financial advisor Avinesh K. Shankar (CRD# 6232970) is a serious case involving alleged forgery of customer signatures, unauthorized annuity applications, and over $511,609 in excess commissions collected from Pruco Securities. His discharge in February 2024 and the formal complaint filed in February 2026 underscore the importance of due diligence when selecting and monitoring a financial advisor.
Investors deserve advisors who are transparent, accountable, and compliant with industry rules. When those standards are violated, legal recourse is available.
