Former California broker Chad D. Hornday (CRD# 2776038) has recently been permanently barred by FINRA and is no longer able to work as a financial advisor.
In August 2016, Hornday was “permitted to resign” from his brokerage firm, AXA Advisors, LLC of Carlsbad, California. The firm was conducting an internal investigation based on allegations that there were loans he received from a client and he made an unapproved investment away from the firm. Hornday had been with AXA since May 2013.
In January 2017, FINRA began its own investigation. Because Hornday failed to respond to FINRA’s request for information and cooperate in its investigation, FINRA barred him from acting as a broker in January 2017.
Hornday has one pending customer dispute that was filed in June 2017 by a customer seeking $453,000 in damages. Hornday allegedly,
“solicited personal loans, embezzled monies by selling non-existent and unregistered securities, engaged in ‘selling away’ and made unsuitable recommendations from 2013 to 2016.”
Selling Away Usually Results in Losses for Clients
Selling away is investment misconduct and most often results in substantial monetary losses to defrauded investors. Many cases involve private placements, promissory notes, and other non-public investments that put trusting clients on the losing end of such deals.
If you have had investments with Chad Hornday or any other broker who you believe has participated in selling away, the experienced investment fraud attorneys at Meyer Wilson would like to speak with you. Call today for a free consultation with no risk to you.