AXA Advisors, LLC is a subsidiary of AXA Financial, Inc., a French insurance company that operates in many locations around the world including North America. A broad provider of financial products and services, AXA Financial, Inc. owns over 100 financial companies. AXA Advisors and its affiliates offer services and products to individuals and small businesses such as financial planning, life insurance, annuities, mutual funds, and business, retirement, and estate planning. AXA Advisors’ corporate office is located in New York, NY.
A securities brokerage firm licensed by FINRA, AXA Financial, Inc. has a legal duty to supervise its brokers and its brokers’ recommendations to clients to ensure compliance with and prevent violations of the rules of the security industry. When an individual broker is negligent or acts in an unlawful manner against the interests of the client and that client suffers damages as a result of such wrongdoing, the firm may be held liable for the investor’s losses.
AXA Advisors, LLC Fraud and Investment Misconduct
AXA Advisors, LLC has investment fraud and misconduct in their history. For example, in 2004 AXA was fined $250,000 for failure to waive sales charges as well as a failure to have an adequate supervisory system in place. In 2005, AXA along with 14 other financial firms was fined for directed brokerage violations. AXA was fined $900,000. This group of fines totaling more than $34 million was a part of a securities industry sweep to eliminate conflicts of interest and preferential treatment of various mutual fund companies.
In 2007, AXA Advisors was fined a total of $1.2 million and ordered to return $1.4 million in fees to their customers harmed by the misconduct. Specifically, the violations centered on failure to supervise as well as distributing misleading sales information to clients interested in their fee-based brokerage program. The violations took place between 2001 and 2005. In 2009, FINRA barred a former AXA Advisors broker from the industry for operating a Ponzi scheme. Kenneth George Neely, an AXA broker from St. Louis, conducted a Ponzi scheme that exploited not only AXA customers, but his family and friends.
Investment Fraud Lawyer Recovering Your Losses
Meyer Wilson securities fraud attorneys have the experience needed to represent individual investors who have claims against securities brokerage firms such as AXA Financial, Inc. Meyer Wilson represents clients with investor claims in federal and state courts, and in arbitration through FINRA, the American Arbitration Association (AAA) and private arbitration. In some cases, we also represent international clients with claims against brokerage firms in the United States through FINRA.
Meyer Wilson only handles investor claims and class actions. With a narrow focus in this area of the law, we are able to provide better, more knowledgeable representation to investors who have claims such as securities fraud, unauthorized trading, Ponzi schemes, false information, misrepresentation and more. If you invested your hard-earned money with AXA Financial, suffered significant financial losses and would like to know whether you have a case against AXA Financial, Inc. for your losses, call us or complete our online form for a free case evaluation.
