Articles Tagged with Axa Advisors

Chicago-based Stoltmann Law Offices has represented investors who’ve suffered losses from dealing with broker-advisors who’ve obtained loans from their clients. When a broker asks a client for a loan, it almost always leads to trouble for the customer. Under securities laws, they are not permitted to do this, except under special conditions. The reasons are quite clear: They are supposed to propose suitable investments and prudently manage their money. Obtaining a direct loan is a conflict of interest that usually leads to chicanery.

Philip Anthony Simone, a former broker with AXA Advisors who worked with the firm from 2017-2019, borrowed a total of $133,000 from two clients. That violated three rules of FINRA, the main U.S. securities regulator, that prohibits brokers from obtaining loans from customers, who were elderly.

The AXA broker then “created and submitted falsified firm account statements and supporting documents to a third-party bank in support of a mortgage application,” FINRA stated. Simone was fined $12,500 and suspended from the securities industry for 11 months, beginning in November, 2020.

AdobeStock_66548440-1-300x169The Financial Industry Regulatory Authority (FINRA) has fined former AXA Advisors broker, $5,000 and suspended her from associating with any FINRA member in all capacities for 18 months for alleged securities laws violations. Julie Steinbauer was accused of possessing a prohibited device while taking the Series 7 examination. From September 2017 until March 2018, Steinbauer was registered with AXA Advisors in Orlando, Florida. This is according to her FINRA online BrokerCheck report. She has one regulatory matter against her, and is not currently registered as a broker and has been suspended from the industry. AXA Advisors may be liable for investment losses on a contingency fee basis.

AdobeStock_17493500-1-300x102AXA Advisors may be liable for your investment losses with James Davis Trent. Trent recently entered into an Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA). He allegedly engaged in a pattern of recommending unsuitable short-term trading of Class A mutual fund shares to four customers, resulting in the customers facing $6,362.50 in unnecessary sales charges. All of the customers were elderly and retired. This is a violation of securities laws. A broker must only recommend and sell securities that are suitable for his customers. If he does not, his brokerage firm, in this case, AXA Advisors, may be liable for those losses because it failed to properly supervise him.
According to his online FINRA BrokerCheck report, Mr. Trent was registered with Kepley & Co. in Richmond, Virginia from May 1996 until April 2001, Intercarolina Financial Services in Greensboro, North Carolina from October 2001 until February 2006, UVest Financial Services in Columbia, South Carolina from February 2006 until May 2010, Proequities in Columbia from June 2010 until October 2012, AXA Advisors in Columbia from October 2012 until June 2014 and Allstate Financial Services in Florence, South Carolina from June 2014 until February 2017. He has one customer dispute against him and is currently not registered.
We are Chicago and Barrington, Illinois-based securities attorneys who sue firms in the FINRA arbitration forum in order to recover losses for investors. Please call 312-332-4200 for a no-cost, no-obligation consultation today. We may be able to help you bring a claim against AXA Advisors on a contingency fee basis.

AdobeStock_9577728-1-300x200According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), James Trent was accused of recommending unsuitable short-term trading of Class A mutual fund shares to four customers, resulting in the customers incurring $6,362.50 in unnecessary sales charges. All of the customers were elderly. This occurred from February 2013 through January 2014 while he was associated with AXA Advisors. Trent made 14 transactions in the accounts of four elderly customers resulting in the average holding period for the four customer accounts of six months. Trent received approximately $2,910.00 as his commission for the sales loads. Because the sales were made in such a short period of time, they resulted in unnecessary fees and charges to the four customers. This is against securities rules and regulations.
Mr. Trent was registered with Kepley & Co. in Richmond, Virginia from May 1996 until April 2001, Intercarolina Financial Services in Greensboro, North Carolina from October 2001 until February 2006, UVest Financial Services Group in Columbia, South Carolina from February 2006 until May 2010, Proequities Inc. in Columbia from June 2010 until October 2012, AXA Advisors in Columbia from October 2012 until June 2014 and Allstate Financial Services in Florence, South Carolina from June 2014 until February 2017. He has one customer dispute against him and is currently not registered within the industry, according to his online FINRA BrokerCheck report.
We are Chicago and Barrington, Illinois-based securities attorneys who help investors recover their losses on a contingency fee basis in the FINRA arbitration forum. Please call us today to find out how you can bring a claim against Trent’s former firm, AXA Advisors, for not properly supervising him. The call to us is free with no obligation so please call today.

AdobeStock_1800313-1-300x204Recently, James Jacobs, an advisor with AXA Advisors in Chesterfield, Virginia, was accused of not properly informing a customer of the fees and charges associated with a variable annuity product. He also allegedly misrepresented material facts related to unsuitable investments in a limited partnership and a mutual fund product. These are against securities rules. A broker must only recommend those investments that are suitable for an investor, and variable annuities can be risky and may come with hidden fees. The broker must take into account the client’s age, net worth, investment objectives and sophistication before recommending and selling securities. If he does not, his brokerage firm may be liable for losses.

According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Mr. Jacobs was registered with The Equitable Life Assurance Society of the United States in New York, New York from January 1971 until January 2000 and AXA Advisors in Chesterfield, Virginia and has been since October 1980. He has five customer disputes against him. If you lost money with Mr. Jacobs, please call our Chicago-based law firm today at 312-332-4200 for a free consultation with one of our attorneys. We are contingency-fee based attorneys who may be able to bring a claim against AXA Advisors for James Jacobs losses.

AdobeStock_1800313-1-300x204According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Leon Dixon allegedly participated in private securities transactions without notifying his firm. This is against securities rules and regulations. From April 2014 through October 2015, Dixon invested $18,000 in a private start-up company that offers broadband and telecommunications services. He also solicited 15 of AXA’s clients to invest in the company. In total, he invested $181,500 of client money into the company. For this, he was fined $7,500 and suspended for five months.

According to his FINRA BrokerCheck report, Mr. Dixon was registered with The Equitable Life Assurance Society of the United States in New York, New York from February 1981 until January 2000 and AXA Advisors in Miami, Florida from April 1987 until September 2016. He has one customer dispute against him and is currently not registered within the industry. If you suffered losses with Mr. Dixon, please call our securities law firm today at 312-332-4200 to speak to an attorney about your losses. The call is free with no obligation. We take cases on a contingency fee basis only.

AdobeStock_49363801-1-300x200Did you lose money with Brian Murphy and his firm, Murphy Financial Advisors? If so, please call our Chicago-based law firm at 312-332-4200 to speak to an attorney about your options of recovering your losses. Mr. Murphy was arrested after being accused of stealing nearly $900,000 from a client. Allegedly, the client gave money to Murphy in March 2011 to be invested in mutual funds, but, instead, Murphy spent the money on personal expenses, private school tuition, a car dealer and an attorney. He then allegedly tried to get the client to sign a document stating that the money was given to him as a loan. This is against securities laws.

According to his online FINRA BrokerCheck report, Mr. Murphy was registered with Metropolitan Life Insurance Company in Mount Laurel, New Jersey from December 2006 until July 2007, AXA Advisors in Marlton, New Jersey from January 2008 until February 2008, MetLife Securities in Moorestown, New Jersey from December 2006 until December 2014 and Signator Investors in Yardley, Pennsylvania from July 2015 until July 2016. He has two customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Marc Bushey, a former registered representative with NYLife Securities. According to his recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) he allegedly converted $10,900 in funds from the account of a firm customer. He did so by writing checks to cash, and depositing those in his personal bank account and then used the funds for his personal use. This is against securities laws and he was barred from the industry by FINRA.

According to his online, FINRA BrokerCheck report, Bushey was registered with Scudder Investor Services in New York, New York from November 1993 until May 1994, A.G. Edwards & Sons in St. Louis, Missouri from October 1998 until October 2001, AXA Advisors in New York from January 2004 until January 2005, NYLife Securities in Bridgewater, Massachusetts from March 2005 until October 2016 and LaSalle Street Securities in Braintree, Massachusetts from September 2016 until November 2016. He has one customer dispute against him.

Please call our Chicago-based securities law firm today if you invested with Mr. Bushey. His former firm, NYLife Securities, can be held liable for losses because it did not properly supervise him. We try cases in the FINRA arbitration forum on a contingency fee basis, so we only get paid if you recover money. 312-332-4200.

Herbert Weinstein, a former advisor with AXA Advisors, was fired from his firm because of his client. The client, Ira Pressman, was accused of running a ponzi scheme and is serving eight years in prison for defrauding 20 investors out of $6 million. Mr. Pressman filed for bankruptcy before being sentenced to prison and trustees sued Mr. Weinstein and his CPA firm, at which he was a partner. Mr. Pressman started a company called PJI Distribution Corp in 2006 that claimed to sell and buy closeout and overstock merchandise. He solicited individuals to invest in the deals, promising them no risk returns of up to 100%. Most of the deals were actually fictitious and Mr. Pressman used investor money to pay new investors. AXA Advisors fired Weinstein in the wake of the scheme because it claimed it was “uncomfortable supervising” him after a judgment that stemmed from a civil lawsuit related to the ponzi scheme. The judgment was entered against Mr. Weinstein and AXA Advisors for $3.1 million. The Financial Industry Regulatory Authority (FINRA) barred him from the industry because he refused to appear for testimony, according to his Letter of Acceptance, Waiver and Consent (AWC).

According to his online FINRA BrokerCheck report, Weinstein was registered with Rescorp Inc. from January 1986 until June 1986, H L Investments from April 1987 until February 1988, The Equitable Life Assurance Society of The United States in New York, New York from April 1999 until January 2000 and AXA Advisors in Huntingdon Valley, Pennsylvania from April 1999 until June 2016. He is not licensed within the industry and FINRA has permanently barred him. If you suffered losses with Mr. Weinstein, please call us today for a free consultation with one of our attorneys. We may be able to help you bring legal action against AXA Advisors for not properly supervising Mr. Weinstein while he was registered there. 312-332-4200.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Robert Heath, a former AXA Advisors broker was accused of borrowing money from a customer in violation of FINRA rules. He was suspended from the industry for three months and fined $5,000. He was also ordered to pay the customer $7,500 in interest. Allegedly, on July 20, 2012, Heath borrowed $7,500 from his customer. The loan was undocumented and Heath was to make monthly payments to the customer equaling six percent simple interest until the loan was repaid. There was no fixed maturity date for the loan. Heath has not repaid any principal to the customer since taking the loan.

According to his online public FINRA BrokerCheck page, Heath was registered with The Variable Annuity Marketing Company in Houston, Texas from September 1990 until December 2001, AIG Retirement Advisors in Lakewood, Colorado from March 1998 until December 2008, AXA Advisors in Highlands Ranch, Colorado from December 2008 until December 2012 and Presidential Brokerage in Colorado Springs, Colorado from December 2012 until September 2015. He has two criminal dispositions against him and one customer dispute. He is not currently licensed within the industry.

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