Investors File Disputes About Philip Smith

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Philip Smith (also known as Phillip Norris Smith) (CRD:  2833891, New York, NY). Evidently, investors disputed the sales practices of the securities broker, who worked for Equitable Advisors LLC. Additionally, the securities broker discloses a regulatory enforcement action. Notably, these disclosures allege Smith engaged in sales practice violations. Read on to learn more about the allegations against Smith.

Equitable Advisors LLC Investor Accuses Philip Smith Of Misrepresentation

Notably, on September 20, 2022, an Equitable Advisors LLC client filed a complaint about Philip Smith. Namely, the client alleged that Smith made misrepresentations. Because of this, the client allegedly sustained damages by investing in variable annuities. Therefore, the client requested compensation from Equitable Advisors LLC or Smith. Evidently, this complaint is denied.

OneAmerica Securities Inc. Terminates Smith For Regulatory Enforcement Action

Also, on June 20, 2022, OneAmerica Securities Inc. disaffiliated with Smith. OneAmerica Securities Inc. alleged that Smith was the subject of a regulatory enforcement action resulting in sanctions.

FINRA Issues Sanctions To Philip Smith For Unsuitable Recommendations

Evidently, on May 31, 2022, FINRA issued Case: 2019064218701, sanctioning Philip Smith for infractions. Specifically, Smith was issued a three-month suspension and a $5,000 fine. Notably, FINRA claims that Smith made unsuitable recommendations.

Mainly, FINRA indicates that in 2018, during the time that he was registered with Equitable Advisors, Smith made unsuitable recommendations concerning a deferred annuity. Specifically, Smith recommended that the client buy the annuity by withdrawing from an indexed annuity the client owned. These withdrawals resulted in the client incurring significant tax liability. Prior to making the recommendation, Smith was purportedly aware that the withdrawal would not be suitable if it caused a negative tax liability for the client. Smith failed to research the tax consequences and the effect the withdrawal would have on the client’s tax liability. As a result, Smith violated FINRA Rules 2010 and 2111.

Equitable Advisors LLC Disaffiliates With Smith

Additionally, Equitable Advisors LLC disaffiliated with Smith on November 30, 2021. Allegedly, Smith made misrepresentations when under investigation regarding a client complaint.

Equitable Advisors LLC Investor Accuses Philip Smith Of Unsuitable Recommendations

Also, on September 10, 2020, an Equitable Advisors LLC client filed FINRA Arbitration: 20-03050 about Philip Smith. Namely, the client alleged that Smith made unsuitable recommendations. Because of this, the client allegedly sustained damages by investing in variable annuities. Therefore, the client requested compensation from Equitable Advisors LLC or Smith. Evidently, this arbitration is pending a resolution.

Smith Discloses Allegations By AXA Advisors LLC Client

Notably, a client of AXA Advisors LLC contested Philip Smith’s sales practices, according to a complaint dated September 6, 2019. Allegedly, Smith made omissions. Supposedly, Smith caused the client to sustain damages by investing in insurance products. Therefore, the client sought compensatory relief from AXA Advisors LLC or Smith. However, this complaint is denied.

AXA Advisors LLC Investor Accuses Philip Smith Of Sales Practice Violation

Moreover, on March 25, 2019, an AXA Advisors LLC client filed a complaint about Philip Smith. Namely, the client alleged that Smith funded a life insurance policy without authorization. Because of this, the client allegedly sustained damages. Therefore, the client requested $28,000 in compensation from AXA Advisors LLC or Smith. Evidently, this complaint is denied.

Smith Discloses Allegations By AXA Advisors LLC Client

Also, a client of AXA Advisors LLC contested Philip Smith’s sales practices, according to a complaint. Allegedly, Smith placed the client in a variable annuity that did not pay a death benefit to a beneficiary. Supposedly, Smith caused the client to sustain damages. Therefore, AXA Advisors LLC opted to settle the matter on November 3, 2009, by compensating the client in the amount of $40,341.26.

Philip Smith Employment Information

• Smith worked for Equitable Advisors LLC in New York, NY, as a financial advisor from January of 2000 to December of 2021.
• Smith worked for OneAmerica Securities Inc. in Indianapolis, IN, as a securities broker from February of 2022 to June of 2022.
• Smith has worked for OneAmerica Securities Inc. in Newport Beach, CA, as a securities broker since December 13, 2022.

Damages Resulting From Equitable Advisors LLC Securities Broker Smith?

Did you experience damages by investing with Philip Smith? You should reach out to Soreide Law Group at (888) 760-6552 and talk with a securities attorney about a possible recovery of your investment losses. Soreide Law Group, who has successfully recovered money for hundreds of investors in the United States, can review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. Smith and brokerage firms Smith worked for deny any and all allegations of sales practice violations.