A New Jersey man was barred by FINRA for his role in a scheme netting he and another person $942,000, records show.

David Steven Forman, a registered representative from Voorhees, N.J., participated in the sale of a $5 million life insurance policy to a trust and took control of the policy, FINRA investigators said.

He informed the trustee that the trust might obtain more money by selling the policy than by redeeming it for its cash value after notification was received that the policy would lapse for failure to pay premiums. Forman sent premium payments to avoid a policy lapse, without the trustee’s knowledge or consent, and he facilitated the sale of the policy with forged and falsified documents, records show.

When the policy was sold, he retained the entire proceeds for himself and another person, who was unnamed, and no portion was paid to the customers or the trust.

Forman neither admitted nor denied the FINRA findings.