AXA Advisors Censured and Fined $600,000 by FINRA | Goodman & Nekvasil P.A. May Recover Investor Losses
FINRA Censures and Fines AXA Advisors, LLC
ACCORDING TO FINRA:
From September 2010 through November 2015 (the “Relevant Period”), AXA distributed documents that negligently misrepresented the credit quality of certain bond funds offered within group annuity contracts for 401(k) retirement plans. Specifically, certain enrollment forms, investment options attachments, and other documents, created by its affiliated life insurance company, which AXA distributed to retirement plan sponsors, misrepresented that certain bond funds were “investment-grade” when, in fact, they were not. Based on the foregoing, AXA violated FINRA Rule 2010.
In addition, by distributing enrollment forms, investment options attachments, and other documents created by its affiliated life insurance company that contained misleading information, AXA also violated NASD Rule 2210(d)(1)(B) and FINRA Rules 2210(d)(1)(B) and 2010.
Also during the Relevant Period, AXA failed to establish, maintain, and enforce a supervisory system and written supervisory procedures (“WSPs”) reasonably designed to achieve compliance with FINRA Rule 2010 or with the content standards of FINRA Rule 2210, in that AXA did not have supervisory systems or WSPs reasonably designed to determine whether the documents created by its affiliated life insurance company that were distributed to plan sponsors and participants contained accurate descriptions of the credit quality of the bond funds it sold.
Based on the foregoing, AXA violated NASD Rule 3010 and FINRA Rules 3110 and 2010.
AXA Advisors, LLC Clients May Recover their Losses with Goodman & Nekvasil, P.A.
If you are a client of AXA Advisors, LLC Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
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.
If you incurred investment losses in AXA Advisors, LLC 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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