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Violation Tracker Individual Record

Company: AXA Advisors, LLC
Current Parent Company: Equitable Holdings
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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Penalty: $772,000
Year: 2019
Date: 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: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: investment management
Source of Data: (click here)
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government.
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.