Securities Broker Donald Sperring (AXA Advisors, Equitable Advisors) Barred, Involved In Client Disputes
The Financial Industry Regulatory Authority (FINRA) contains important information on securities broker Donald George Sperring (CRD#: 2462982, Pittsburgh, Pennsylvania). Specifically, BrokerCheck shows that Sperring is involved in three investor disputes. Not only that, but he also received a FINRA bar (expulsion) in 2019 for alleged noncooperation with FINRA. Evidently, Sperring worked for AXA Advisors (now known as Equitable Advisors) from March 1994 to March 2019 during the time of these disclosures. Let’s take a closer look at the allegations against this broker. However, be mindful that he denies all allegations as referenced on BrokerCheck.
Equitable Advisors LLC Client Alleges That Donald Sperring Possibly Misused Funds
Notably, a client of Equitable Advisors disputed Donald Sperring’s sales practices, according to a complaint in July 2021. Namely, the client alleges that the registered representative “potentially misappropriated funds” relating to a CD purchase. Notably, Equitable Advisors opted to settle this matter with the client by paying them $15,000 in damages in October 2021. However, the firm does not admit any liability.
FINRA Issues Bar To Sperring For Purportedly Failing To Respond To Request For Information
Evidently, FINRA, which oversees most securities brokers in the country, expelled the securities broker in 2019. Specifically, the regulator issued Donald Sperring an indefinite bar in October 2019 to resolve allegations that he did not respond to a request for information. BrokerCheck reports that the securities broker was suspended in August 2019, according to a Suspension from Association letter. During the suspension, FINRA provided him with time to either respond to the request or request termination of the suspension. However, Sperring did not respond during that period. Because of this bar, Sperring cannot associate with FINRA-member firms in any capacity.
AXA Advisors Client Alleges Unsuitable Annuity By Donald Sperring
Also, a client of AXA Advisors complained about Donald Sperring in March 2019 regarding annuities. Supposedly, Sperring had the client replace a guaranteed growth annuity with a different annuity. It appears that the replacement was not suitable for the client. Also, the client alleges that they were not informed about options relating to a death benefit payable to them. However, AXA Advisors denied the client’s allegations and request for compensation.
Client Of AXA Advisors Alleges Damages Relating To Mutual Fund Purchase
Moreover, a client of AXA Advisors lodged a dispute in May 2004 regarding Donald Sperring. Manly, the client contends that Sperring misled them about a mutual fund. It appears that the client purchased a mutual fund that subsequently lost forty percent of its value. However, AXA Advisors denied this client’s allegations.
Financial Damages Because Of Securities Broker Donald Sperring?
Did Donald Sperring cause you to experience losses? If so, touch base with Soreide Law Group at (888) 760-6552 and chat with a securities lawyer about a possible recovery of your losses. Soreide Law Group handles investor dispute cases on a contingency fee arrangement. Also, we advance all costs. The firm has recovered compensation for many investors in the US who incurred losses because of their financial advisors and securities brokers. Please note that Sperring denies the allegations of sales practice violations.
