AXA Hit With $3.2M FINRA Fine for Rogue Advisor Who Churned Products

Published by Life Annuity Specialist by Arthur D. Postal May 3, 2019 — An upstate New York broker’s decision to switch a farming family’s investments from life insurance to variable annuities may cost AXA Equitable $3.2 million. That’s how much a Financial Industry Regulatory Agency arbitration panel granted to James and Sandra Fitzpatrick, an elderly couple who used to run… Read more »

Axa to Pay N.Y. Egg Farmers $3.2M in Finra Award

Published by Ignites.com By Jill Gregorie May 3, 2019 — Axa Advisors must pay $3.2 million to elderly egg farmers who claim they were sold unsuitable variable annuities and life insurance policies by a Rochester, N.Y.-based broker between 2011 and 2014, a Finra arbitration panel decided last week. James and Sandra Fitzpatrick filed the claim… Read more »

Victimized Family Egg Farm Awarded Record-Setting $3 Million

Published by New York AG Connection by New York AG Connection 05/03/2019 —   A FINRA arbitration panel has awarded $3.2 million to an Alleghany County egg-farming family swindled in a variable annuity (VA) and life insurance scheme promoted by a former AXA financial advisor who was recently convicted for stealing from another elderly AXA… Read more »

Victimized Family Egg Farm Awarded Record-Setting $3 Million

Published by usagnet by USAgNET 05/03/2019 —   A FINRA arbitration panel has awarded $3.2 million to an Alleghany County egg-farming family swindled in a variable annuity (VA) and life insurance scheme promoted by a former AXA financial advisor who was recently convicted for stealing from another elderly AXA client. The Whitesville, NY, victims were… Read more »

Former employer of convicted broker fined in the past by New York state

Published by ABC 13 WHAM Rochester by Jane Flasch/WHAM Thursday, May 2nd 2019 — Rochester, N.Y. – 13WHAM reported Wednesday about a Rochester investment broker convicted of grand larceny involving one client – and ordered to pay $2.3 million to another. One of the companies that broker worked for has been fined in the past by New… Read more »

Finra fines AXA $600,000 over misclassified bond funds

Published by Investment News By  InvestmentNews May 2, 2019 @ 12:28 pm — Funds sold to 401(k) plans as investment grade actually held lots of junk   The Financial Industry Regulatory Authority Inc. has fined AXA Advisors$600,000 and ordered the firm to pay approximately $172,000 in restitution for distributing materials that “negligently misrepresentated” five bond funds as… Read more »

Elderly upstate farmers collect millions in fraud suit

Published by MyTwinTiers.com Posted: May 02, 2019 10:48 AM EDT Updated: May 02, 2019 10:48 AM EDT — ROCHESTER (WROC) – An egg-farming family in Allegany County is receiving a $3.2 million award after they said they were swindled by an AXA financial broker. According to the lawyers on the case, this is believed to… Read more »

FINRA Arbitration Panel Awards A Record $3M Egg-Farming Family In Annuity Case

Published by InsuranceNewsNet From Business Wire May 1, 2019 — A FINRA arbitration panel has awarded $3.2 million to an Alleghany County egg-farming family swindled in a variable annuity (VA) and life insurance scheme promoted by a former AXA financial advisor who was recently convicted for stealing from another elderly AXA client. The Whitesville, NY, victims were… Read more »