AXA Financial Advisors was fined $600,000 and ordered to pay $172,000 in restitution by the Financial Industry Regulatory Authority. for negligently misrepresenting that certain junk bond funds held investment grade bonds. Junk bonds are deemed more risky than investment grade bonds. As such, the materials that AXA distributed misled investors about the safety of the bond funds.

Quality of Junk Bonds Were Misstated

According to FINRA, AXA distributed nearly twenty thousand inaccurate and misleading enrollment forms, investment options attachments, and other documents to plan sponsors. As a result, the credit quality of the bond funds was misstated and misclassified.

AXA to Pay Restitution for AXA Junk Bonds

FINRA has ordered AXA to send corrected disclosures and to pay restitution to the 7,000 401k and retirement plan participants for sales of the AXA junk bond funds.

Speak with an Investment Fraud Attorney

Our AV-rated* securities fraud lawyers have extensive experience litigating a broad range of investment disputes. We will aggressively pursue claims against the culpable brokerage firm or stockbroker to recover your investment losses.

If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. have a proven track record of getting results for clients. We’ve recovered more than $100 million that investors lost as a result of securities fraud and stockbroker misconduct.

Contact Dimond Kaplan & Rothstein Today

Contact an investment fraud attorney at Dimond Kaplan & Rothstein, P.A. to schedule an appointment for a FREE case evaluation.

Our offices are located in Los AngelesNew YorkDetroit, West Palm Beach, Naples and Miami, and we represent clients nationwide. Translations services are available.

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Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236

Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930

New York City Office
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14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217

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Northbridge Centre
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West Palm Beach, FL 33401
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41000 Woodward Avenue,
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Bloomfield Hills, Mi 48304
Telephone: 248.368.0182