Philip Simone, formerly with AXA Advisors, Suspended by FINRA
Have you lost money with financial advisor Philip Simone? We are looking into allegations made about Philip A. Simone from Irvine, California. FINRA (the Financial Industry Regulatory Authority) suspended Simone from the securities industry for eleven months and fined him $12,500. FINRA alleged that Simone borrowed $133,000 from two customers without disclosing such to his former brokerage firm, AXA Advisors. Simone paid back one of the customers but still owed the other customer $35,000.
Philip Simone was a financial advisor and registered representative of AXA Advisors from May 2017 to April 2019. He worked in a branch office in Irvine, California. Simone has been the subject of three customer complaints, and he also was terminated by AXA Advisors. He was also terminated by another brokerage firm in 2013 for borrowing money from a customer.
Brokerage firms like AXA Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Ann Arbor, Michigan; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including throughout southern California. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against AXA Advisors.