Customers File Claims Against AXA Advisors For Misrepresentation

Soreide Law Group is investigating misrepresentation and suitability claims on behalf of customers who invested with AXA Advisors securities brokers and financial advisors including Celia Scott, Norris Rees Woody Jr., and Jerald Paul Reiner.
AXA Advisors, LLC (CRD#: 6627, Minneapolis, Minnesota) is a brokerage firm regulated by Financial Industry Regulatory authority and investment adviser firm regulated by the Securities and Exchange Commission. FINRA BrokerCheck shows that AXA Advisors has made 33 disclosures which consist of allegations and findings against the firm of regulatory infractions and sales practice violations. On many occasions, customers of AXA Advisors have named the firm or its brokers in investment-related disputes alleging the firm or its brokers engaged in sales practice violations. Some of those disputes, including those described below, allege that AXA Advisors or the broker was responsible making unsuitable trades and misrepresenting investment information.

Complaint Involving AXA Advisors’ Celia Scott

Celia Scott (CRD#: 2870484, Beaumont, Texas) is a prior securities representative of AXA Advisors. While working at AXA Advisors, she allegedly misrepresented annuities. Particularly, a customer brought a complaint to AXA Advisors attention on August 2, 2016. From the customer’s perspective, Scott made false or misleading statements to the customer about a variable annuity. Evidently, the customer relied upon those misrepresentations in making the decision to purchase the annuity. Apparently, the customer incurred losses because of purchasing the annuity and filed a complaint as a result. Indeed, the firm agreed to settle the matter on January 18, 2018 by paying the customer $60,000.00. Records show that Scott personally contributed to the funds to settle the matter. AXA Advisors ended Scott’s employment on January 6, 2016. Now, Scott is a registered representative of LPL Financial LLC.

Arbitration Concerning AXA Advisors' Broker Norris Rees Woody Jr.

AXA Advisors broker Norris Rees Woody Jr. (CRD#: 2859194, Cornelius, North Carolina) has reported that a customer complained about him making unsuitable recommendations and misrepresentations. Woody reported on his FINRA BrokerCheck Report that the AXA Advisors customer filed FINRA Arbitration #16-02900 on December 12, 2016. First, the customer stated that Woody misrepresented and omitted facts about securities. The customer apparently depended on those representations when making investment decisions. Second, the customer claimed that Woody made unreasonable and unsuitable investment recommendations. On December 1, 2017, AXA Advisors consented to paying the customer $20,000.00 to resolve the allegations of unsuitability and misrepresentation. Woody has been an AXA Advisors registered representative since March 5, 1997, and formerly worked for the Equitable Life Assurance Society of the United States.

Complaint About AXA Advisors’ Jerald Paul Reiner

Jerald Paul Reiner (CRD#: 4508855, San Antonio, Texas) is currently employed at AXA Advisors. As stated in Reiner’s FINRA BrokerCheck Report, one of his customers alleged that Reiner caused sales practice violations. To be specific, the customer filed a complaint on September 22, 2017, claiming that Reiner misrepresented an incentive life insurance policy. The AXA Advisors customer reportedly purchased the incentive life insurance policy because of the false or misleading statements made by Reiner. Evidently, the firm initially denied the customer’s complaint; however, they opted to settle the matter on July 30, 2018 after the customer appealed. Accordingly, AXA Advisors paid the customer $38,400.00; Reiner personally contributed funds to the settlement. Reiner started working for AXA Advisors on June 5, 2002.

Investors who have incurred losses from Celia Scott, Norris Rees Woody Jr., and Jerald Paul Reiner are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.