Securities Lawyers Blog
We represent clients of financial advisors and brokerage firms in investment disputes against their firms, such as Equitable Advisors, LLC. Our services cover a wide spectrum of broker misconduct, including unsuitable investments, failure to supervise, and losses in various investment products. Our firm can analyze your brokerage accounts, determine the extent of your investment losses, and understand the issues and remedies available.
Equitable Advisors, LLC is the broker-dealer and investment adviser of Equitable Holdings, offering brokerage, investment management, and financial planning through its financial professionals, with LPL Financial serving as clearing broker. Headquartered in New York City, the firm opened in 1999 and operated as AXA Advisors, LLC until June 2020.
Equitable Advisors, LLC – By the Numbers:
- CRD #: 6627
- Regulatory Events: 26
- Arbitration Events: 11
- Broker Employees: 4,980
Equitable Advisors, LLC – Investment Advisors:
- SEC #: 14065
- Assets Under Management: $47,255,793,924
- ADV Form Employee: 5,674
Equitable Advisors, LLC – In the News:
FINRA v. Equitable Advisors, LLC (Case #2020067328101) – In December 2018, Equitable executed a settlement agreement with a customer containing language conditioning the settlement on a customer’s agreement not to oppose or object to expungement of his claims from the Central Registration Depository System (the CRD System). As a result, Equitable violated FINRA Rules 2081 and 2010.
FINRA v. Equitable Advisors, LLC (Case #2015047560501) – From September 2010 through November 2015 (the “Relevant Period”), AXA distributed documents that negligently misrepresented the credit quality of certain bond funds offered within group annuity contracts for 401(k) retirement plans. Specifically, certain enrollment forms, investment options attachments, and other documents, created by its affiliated life insurance company, which AXA distributed to retirement plan sponsors, misrepresented that certain bond funds were “investment-grade” when, in fact, they were not. Based on the foregoing, AXA violated FINRA Rule 2010. In addition, by distributing enrollment forms, investment options attachments, and other documents created by its affiliated life insurance company that contained misleading information, AXA also violated NASD Rule 2210(d)(1)(B) and FINRA Rules 2210(d)(1)(B) and 2010. Also during the Relevant Period, AXA failed to establish, maintain, and enforce a supervisory system and written supervisory procedures (“WSPs”) reasonably designed to achieve compliance with FINRA Rule 2010 or with the content standards of FINRA Rule 2210, in that AXA did not have supervisory systems or WSPs reasonably designed to determine whether the documents created by its affiliated life insurance company that were distributed to plan sponsors and participants contained accurate descriptions of the credit quality of the bond funds it sold. Based on the foregoing, AXA violated NASD Rule 3010 and FINRA Rules 3110 and 2010.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.