Philip Anthony Simone (Philip Simone) – Financial Advisor/Broker Philip Simone Suspended from Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Philip Simone is a previously licensed financial advisor/broker with AXA Advisors, LLC and Centaurus Financial, Inc. According to FINRA, Philip Simone fined $12,500 and was suspended from the securities industry for 11 months in November 2020.
-Update 9/9/21- We have filed an arbitration claim on behalf of our client alleging Simone misrepresented that ARC Hospitality Trust, Inc. and other high risk investments were safe.
According to FINRA Allegations:
Simone consented to the sanctions and to the entry of findings that he borrowed a total of $133,000 from two of his elderly member firm customers, without notifying or receiving prior approval from the firm.
The findings stated that Simone received loans totaling $43,000 from the first customer, and loans totaling $90,000 from the second customer. The customers were not immediate members of Simone’s family, and were both approximately 71 years old as of the first loans. The loans Simone received from the first customer were not documented in a writing, but the customer understood that the funds would be returned in full, with 12% interest, within one year. The loans Simone received from the second customer were documented in two promissory notes and executed by the customer and Simone. Both promissory notes provided that the loan would be repaid in full, with 15% interest, within 120 days. Simone repaid the second customer in full, plus interest, and repaid the first customer approximately $8,000. Simone also falsely stated on two compliance questionnaires that he had not borrowed funds from a client and made a false statement to the first customer in order to obtain additional time to repay the loans.
The findings also stated that Simone created and submitted falsified firm account statements and supporting documents to a third-party bank in support of his mortgage application. Simone created and submitted three false documents: an account statement for his personal firm account, which he falsified using customer information to reflect that the value of the assets was approximately $30,000 instead of $10,000; a pay stub issued by the firm, which he falsified to reflect deferred compensation due and owing to him in the amount of $95,250; and an employment verification letter that Simone executed using the name of a sales assistant who he misrepresented was a member of the firm’s human resources department.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Philip Simone and believe 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 concerning Philip Simone’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 $200 million on behalf of victimized investors. If you lost money on investments with Philip Simone 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.
Some of the information in this blog post was obtained on 11/17/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.