Philip Anthony Simone Suspended

Soreide Law Group obtained the following information from FINRA’s website listed on the January 2021 Disciplinary Actions, for broker, Philip Simone, formerly with AXA Advisors of Irvine, California.
On November 13, 2020, Philip Anthony Simone (CRD #1623827) was issued an Acceptance, Waiver and Consent (AWC) in which Simone was assessed a deferred fine of $12,500, suspended from association with any FINRA member in all capacities for 11 months, and ordered to pay $35,000, plus interest, in restitution to a client.
Without admitting or denying FINRA’s findings, Philip Anthony Simone consented to the sanctions and to the entry of findings that he allegedly borrowed a total of $133,000 from two elderly clients of his member firm, without notifying or receiving prior approval from the firm.
FINRA’s findings alleged that Philip Anthony Simone received loans totaling $43,000 from the first client, and loans totaling $90,000 from the second client. The loans Simone received from the first client were not documented in writing, but the client understood that the funds would be returned in full, with interest, within a year. The loans Simone received from the second client were documented in promissory notes and executed by the client and Philip Anthony Simone. The promissory notes provided that the loan would be repaid in full, with interest, within 120 days. Simone repaid the second client in full, plus interest, and repaid the first client approximately $8,000.
According to FINRA, Simone falsely stated on compliance questionnaires that he allegedly had not borrowed funds from a client and made a false statement to the first client in order to obtain additional time to repay the loans.
FINRA’s findings alleged that Philip Anthony Simone created and submitted falsified firm account statements and supporting documents to a third-party bank in support of a personal mortgage application. Simone allegedly submitted the falsified documents to ensure he qualified for the mortgage.
The suspension is in effect from November 16, 2020, through October 15, 2021. (FINRA Case #2019062406701)
According to FINRA’s BrokerCheck, Philip Anthony Simone was registered in the securities industry for 15 years.  He has 6 disclosures on his CRD report.  Of the 6 disclosures 2 are, “Employment Separation After Allegations.” Simone was discharged from AXA Advisors in 2019 and from ONEAMERICA SECURITIES, INC. in 2013.  Simone also had 3 “Customer Disputes” filed against him.
Philip Anthony Simone was listed with 5 firms, the most recent listed below:
05/15/2017 - 04/22/2019  AXA ADVISORS LLC - IRVINE, CA
08/01/2013 - 05/08/2017  CENTAURUS FINANCIAL INC - COSTA MESA, CA 
If you or an elderly loved one have experienced financial losses due to the alleged actions or recommendations of Philip Anthony Simone, formerly with AXA Advisors of Irvine, California, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to you regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We work for you on a contingency fee basis, no fee if no recovery.