Eric Christopher Erb (Eric Erb) Suspended from Securities Industry, Formerly Licensed with AXA Advisors, LLC – Goodman & Nekvasil P.A., May Recover Investor Losses

Goodman & Nekvasil P.A., May Recover Investor Losses - Eric Christopher Erb (Eric Erb) Suspended from Securities Industry, Formerly Licensed with AXA Advisors, LLC

From 2002 until 2013, Eric Erb was licensed with AXA Advisors, LLC. Eric Erb was subsequently licensed with Securities America, Inc. and Liberty Partners Financial Services, LLC. According to FINRA’s records, Eric Erb was permitted to resign from AXA Advisors, LLC on February 28, 2013. AXA Advisors, LLC reported to FINRA that Eric Erb was permitted to resign while under investigation for potential unsuitable transactions and potential signature irregularities.

Subsequent to Eric Erb’s termination, FINRA investigated Eric Erb and brought a disciplinary action against Eric Erb. Eric Erb consented to an 18-month suspension from the securities and investment banking industry and a $20,000 fine on March 3, 2016. Eric Erb also consented to the entry of findings that Eric Erb used photocopied signature pages to open customer accounts and Eric Erb also forged the signatures or initials of additional customers in connection with securities purchases. The findings stated that although customers authorized the transactions at issue, Eric Erb, did not have their permission to sign their names or initials or use photocopied signature pages. According to FINRA, Eric Erb also photocopied the signature of Eric Erb’s branch manager on supervisory approval forms in connection with securities purchases, thereby evading branch manager review of those transactions. The findings also stated that Eric Erb misrepresented or omitted material information to customers by inaccurately representing within purchase forms that the customers would incur no surrender charges, redemption fees, or costs for relinquishing their annuity contracts. In fact, according to FINRA, the customers incurred surrender fees or penalties ranging approximately from $3,000 to $12,000. The findings also included that Eric Erb recommended that a customer, a 74-year old retiree, surrender annuities and purchase approximately $147,000 in an illiquid, non-traded REIT. According to FINRA, Eric Erb’s recommendation was unsuitable because it was not consistent with the customer’s investment objective and risk tolerance and because it placed more than half of the customer’s liquid net worth in a single, high risk, alternative investment.

FINRA also reports that three arbitration claims have been filed involving Eric Erb’s conduct with AXA Advisors, LLC, alleging forgery, misappropriation and unsuitable investments. These pending arbitration claims seek at least $650,000, $450,000 and $300,000 in damages.

If you lost any money on investments with Eric Erb, you may be able to recover your losses from AXA Advisors, LLC, Securities America, Inc. and/or Liberty Partners Financial Services, LLC. This is because AXA Advisors, LLC, Securities America, Inc. and Liberty Partners Financial Services, LLC had a duty to supervise Eric Erb.

If you lost money on investments with Eric Erb, and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against AXA Advisors, LLC, Securities America, Inc. and/or Liberty Partners Financial Services, LLC. concerning Eric Erb’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Eric Erb and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.  

 

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