An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against AXA Advisors, LLC and entered an award against the firm exceeding $3.2 million in favor of a New York couple who filed claims against the firm alleging that AXA sold them unsuitable variable annuity and life insurance products.
The couple alleged that their AXA financial advisor, Francesco Puccio, made five transactions from 2011 to 2014 which produced large commissions for Mr. Puccio but were damaging to their estate planning and unsuitable for them based on their advanced age. Their claims included negligence, violations of FINRA’s suitability and supervision rules, negligent misrepresentation and omissions of material facts, and breach of fiduciary duty.
A panel of FINRA arbitrators found in favor of the couple and against AXA, awarding over $2.2 million to compensate the couple for their losses, plus 9% interest, $67,293.64 in costs, and almost $900,000 in attorneys’ fees: a total award of over $3.18 million.
If you or someone you know lost money as a client of Francesco Puccio or AXA Advisors due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.