John P. Correnti, of Cleveland, Ohio, a stockbroker formerly registered with AXA Advisors, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations that inter alia, Correnti engaged in outside business activities that were not approved by the firm. Letter of Acceptance, Waiver and Consent, No. 2016050822101 (Aug. 23, 2017).
According to the AWC, Correnti was sent a letter from FINRA staff on January 25, 2017, as well as May 2, 2017, wherein Correnti was asked to provide information and documentation pertaining to the allegations of his outside business activities not having been disclosed to the firm. The AWC indicated that Correnti’s activities were investigated to determine possible federal securities laws violations in addition to violations of FINRA rules.
The AWC stated that although Correnti responded to FINRA’s requests, he failed to address the information that FINRA asked for. Evidently, FINRA reached out to him on June 6, 2017, asking that he provide recorded testimony in furtherance of the investigation, according to Rule 8210. Apparently, Correnti partially testified but eventually informed FINRA staff that he would not continue. FINRA found Correnti’s failure to complete his testimony to constitute violations of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Correnti was fired by AXA Advisors LLC on July 26, 2016, based upon allegations that he potentially engaged in stock manipulation. Additionally, on December 4, 2012, a customer initiated investment related civil action involving Correnti’s conduct was settled for $14,990.00 in damages, where the customer’s claim was rooted in allegations of breach of contract, misrepresentation, negligence, breach of fiduciary duty, and fraud pertaining to the customer’s investments in financial futures and commodity futures.
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