Violation Tracker Individual Record

AXA Advisors, LLC
Current Parent Company: 
Equitable Holdings
May 2, 2019
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

FINRA fined AXA Advisors, LLC $600,000 and ordered the firm to pay approximately $172,000 in restitution to affected 401(k) retirement plan participants for distributing materials that negligently misrepresented that certain bond funds offered for 401(k) plans were investment-grade when, in fact, a substantial portion of the funds' portfolios consisted of high-yield or junk bonds. As part of the settlement, FINRA also required AXA to send corrective disclosures to all affected plan participants.

Level of Government: 
Action Type: 
agency action
Financial Industry Regulatory Authority
Civil or Criminal Case: 
HQ Country of Parent: 
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
investment management

FINRA is a securities industry self-regulatory body authorized by the federal government.

Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.