Equitable Advisors (Formerly AXA Advisors) – Regulatory History & Investor Claims

Equitable Advisors, LLC (formerly AXA Advisors, LLC) (CRD#: 6627 / SEC#: 801-14065, 8-17883) is a dual-registered broker-dealer and investment advisor headquartered in New York, New York. The firm reported $1.2 billion in revenue in 2022, with 3,710 registered representatives and $27 billion in assets under management.

Prior to June 2020, the firm operated under the name AXA Advisors, LLC. According to Smart Asset, the name change did not alter the firm’s operations.

According to FINRA BrokerCheck, Equitable Advisors has 26 regulatory actions and 11 arbitrations on its record, reflecting disciplinary history and customer disputes.

Notable Regulatory Actions & Broker Misconduct

May 2022 – Unsuitable Variable Annuity Recommendations
A Woodland Hills, CA broker was fined $5,000 and suspended for three months after recommending a trust purchase a deferred variable annuity using withdrawals from an indexed annuity, resulting in unnecessary tax liabilities in violation of FINRA Rules 2010 and 2111.

July 7, 2025 – Permanent Bar for Fictitious Applications
Former broker Cody M. Anderson (CRD#: 5999762) was permanently barred by FINRA for failing to respond to requests for information following his 2024 termination. He was discharged for allegedly submitting fictitious variable annuity applications.

October 14, 2021 – Selling Away Allegations
FINRA barred Edgar Kleydman (CRD#: 2727571) for allegedly engaging in private securities transactions without notifying AXA/Equitable Advisors and refusing testimony. His record shows three customer complaints.

October 21, 2021 – Fraud Conviction
Former advisor James Simpson, 80, pleaded guilty to defrauding clients out of over $400,000 in a “special investment opportunity” scheme, using the funds for personal benefit and to pay other investors.

March 2014 – NY Regulator Fine
AXA Equitable paid $20 million for changing investment strategies of certain variable annuities without providing adequate notice to regulators, potentially limiting customer returns.

2015 – Improper Court Filings
FINRA fined the firm $150,000 for filing court cases instead of arbitrating 102 disputes with former representatives, as required under FINRA rules.

Junk Bond Misrepresentations
The firm paid a $600,000 fine and $172,000 in restitution for marketing junk bond funds as investment-grade to 401(k) plan participants over a five-year period, impacting 800 plans and 6,200 participants.

Broker Due Diligence and Supervision

Broker-dealers like Equitable Advisors are required under FINRA Rule 3110 to establish and maintain supervisory systems to ensure compliance with securities laws and industry regulations.

This includes:

• Conducting thorough background checks on brokers before hiring.
• Monitoring transactions and communications for red flags.
• Reviewing investment recommendations to ensure they are suitable for the customer’s objectives and risk tolerance.

Failure to properly supervise brokers can expose a firm to liability if clients suffer losses due to misconduct such as unsuitable investments, selling away, or fraudulent activity.

Investor Recovery Options

When brokers violate securities laws, their firms can be held liable for investment losses through FINRA arbitration. FINRA arbitration is typically faster and more cost-effective than traditional court litigation.

Class Action vs. Individual Arbitration

While class actions group many small claims together, investors with losses over $100,000 often recover more through an individual FINRA arbitration claim.

FAQs About Equitable Advisors (AXA Advisors) Complaints

1. What types of misconduct have been reported at Equitable Advisors?
Misconduct allegations include unsuitable investment recommendations, selling away, misrepresentation of investment products, submission of fictitious applications, and outright investment fraud.

2. Can I recover losses from investments with Equitable Advisors?
Possibly. If your losses resulted from broker misconduct or lack of supervision, you may be able to file a claim through FINRA arbitration to seek recovery.

3. How can The White Law Group help?
Our attorneys evaluate claims, prepare the necessary filings, and represent investors in FINRA arbitration hearings nationwide. We may also negotiate settlements before arbitration concludes.

Free Consultation

If you invested with Equitable Advisors (AXA Advisors) and suffered losses, call The White Law Group at 888-637-5510 for a free, no-obligation consultation.

The firm has handled over 800 FINRA arbitration cases nationwide and represents investors in claims involving unsuitable investments, misrepresentation, unauthorized trading, and other securities violations.

With offices in Chicago, IL and Seattle, WA, The White Law Group reviews cases in all 50 states.