Leon Dixon, a broker formerly registered with AXA Advisors, LLC, submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he participated in private securities transactions in contravention of FINRA rules.
FINRA found that Leon Edward Dixon, of Miami, Florida, invested in a private company that offered telecommunications and broadband services. Mr. Dixon allegedly solicited 15 firm customers to invest in the company, allegedly assisting the clients with sending their payment checks to the company. In total, the clients invested approximately $181,500 in the company. According to FINRA, Mr. Dixon received nearly $15,000 in commissions from the company for his participation in the transactions.
Mr. Dixon allegedly failed to provide the required notice to his member firm of his participation in the private securities transactions. Consequently, Mr. Dixon was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in any capacity for five months. The suspension is in effect from April 17, 2017 through September 16, 2017.
Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of misconduct which are in violation of industry rules and procedures. In order to protect customers from such misconduct, FINRA rules require brokerage firms to establish and implement a reasonable supervisory system. The implementation of the rules requires supervisors to monitor its employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If broker dealers and their supervisors fail to establish and implement these protective measures, they may be held liable to account holders for losses flowing from the employees’ misconduct. As a result, account holders who have suffered losses stemming from unauthorized securities transactions or other misconduct by their broker can bring forth claims to recover damages against broker-dealers like AXA Advisors, which have a duty to supervise its employees in order to prevent broker misconduct.
Have you suffered losses in your AXA Advisors account due to your stockbroker’s unauthorized securities transactions or other misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against AXA Advisors financial professionals for unauthorized and/or fraudulent misconduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.