The investment attorneys Peiffer Wolf Carr & Kane represent investors in their claims against brokerage firms (broker-dealers), such as AXA Advisors, and their individual brokers. Peiffer Wolf Carr & Kane represent investors who have suffered financial losses as a result of investment fraud, inappropriate investment strategies, Ponzi schemes, broker misconduct, unsuitable investment recommendations, failure to supervise, and abusive practices by financial institutions.
Based on our experience, we believe that there are more investors who have suffered losses as a result of AXA and AXA broker misconduct. If you’ve invested with an AXA broker, you should contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation.
Peiffer Wolf Carr & Kane recently successfully represented victims of an AXA broker in a FINRA arbitration proceeding. The arbitration panel awarded a substantial sum of money to an Alleghany County egg farming family swindled by a former AXA financial advisor who was recently convicted for stealing from another elderly AXA client.
PWCK Partner Jason Kane said: “AXA sent a felonious broker to serve financially unsophisticated and elderly clients and then completely failed to perform its supervisory obligations. Nonetheless, an unrepentant AXA contended throughout the arbitration that everything was ‘perfectly suitable’ and ‘beyond reproach.’ AXA and Puccio took them to the cleaners by recommending obviously unsuitable variable annuities and life insurance policies.
The elderly victims suffered millions of dollars in damages at the hands of AXA and its financial advisor, Francesco Puccio. Puccio was affiliated with the AXA office in Rochester, New York.
PWCK Managing Partner Joseph Peiffer said: “This arbitration award sends a strong message to AXA and other financial giants that they are responsible for the conduct of the financial advisors to whom they lend their names. The definition of a suitable investment is not whatever some felonious broker can talk somebody into buying.
AXA Advisors – By the Numbers:
• CRD# 6627
• SEC# 801-14065,8-17883
• 24 Regulatory Events
• 10 Customer Complaints
AXA Advisors – By the Numbers:
• According to the Investment News, 47% of AXA’s 2017 revenue stream was from annuity sales, ranking it #4 in the country.
• In 2014, AXA was the subject of the largest fine ever levied by the New York Department of Financial Services for failing to report changes in its variable annuity structure. The fine was $20 million.
• In 2011, the New York State Department of Insurance fined AXA $1.9 million for violations, including making inaccurate or incomplete disclosures to consumers buying replacement annuity contracts and life insurance policies.
• Current AXA Broker in Buffalo, NY, Ronald Hicks, has 8 customer disputes, 4 financial liens and 1 criminal disclosure.
• Current AXA Broker outside of Utica, NY, Richard Hazard, has 8 customer disputes (6 related to VA and/or LI policies). AXA and/or Hazard has paid out over $500k to settle those disputes.
• Subject of a 2016 New York Times Expose, An Annuity for the Teacher – and the Broker.
• According to Broker Check, the brokers currently registered in Rochester have 4 annuity and life insurance disputes and 1 criminal disclosure.
• According to Broker Check, the brokers currently registered in Buffalo have 15 annuity and life insurance disclosures, 3 criminal disclosures and 11 financial lien disclosures.
• According to Broker Check, the brokers currently registered in Syracuse have 7 annuity and life insurance disclosures, 1 criminal disclosure and over 15 financial lien disclosures.
• According to Broker Check, the brokers currently registered in Albany have 5 annuity and life insurance disputes (including one that settled for $700,000) and 7 financial liens.
Disciplinary Actions – Press from the Regulators
• Oct. 2015: FINRA Orders an Additional Five Firms to Pay $18 Million in Restitution to Charities and Retirement Accounts Overcharged for Mutual Funds
• Sept. 2007: FINRA Fines AXA Advisors $1.2 Million for Fee-Based Account Violations, Orders Return of $1.4 Million in Fees to Approximately 1,800 Customers
• July 2009: FINRA Permanently Bars Broker Operating Ponzi Scheme Involving Customers of Broker-Dealers
• Feb. 2004: NASD Fines AXA Advisors $250,000 for Failure to Waive Sales Charges on Customers' Mutual Fund Transfers
FREE Consultation | 585-310-5140
Peiffer Wolf Carr & Kane has helped thousands of investors who have suffered substantial losses. If you have Variable Annuities or Life Insurance Products in your investment portfolio, Contact Us by calling 585-310-5140 or by filling out an online Contact Form for a FREE Consultation.