Henry Liaw, of Clayton, Missouri, a stockbroker with AXA Advisors, LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2014042365201 (Aug 8, 2016).
According to the AWC, in 2010, which was prior to the time that Liaw had become associated with AXA, he had made investments in two separate companies that were in the oil exploration and production business. Apparently, in 2013, Liaw disclosed to AXA that he made the investment in only one of the businesses.
The AWC stated that Liaw did not disclose to AXA that he was associated with numerous outside companies for purposes of providing consultations regarding oil exploration and production. Liaw reportedly received $50,000.00 in compensation in connection with the consulting services that he provided.
Apparently, these outside activities were only made known to AXA after the firm had made an inquiry in this regard and investigated Liaw’s conduct. FINRA found that Liaw’s aforementioned unauthorized outside business activities were violative of FINRA Rules 2010 and 3270.
Prior to FINRA’s disciplinary action against Liaw, he was terminated by AXA Advisors on August 8, 2014, amid allegations of his failure to disclose to his firm his outside business activities, as well as Liaw’s failure to cooperate with his firm’s investigation into his misconduct.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
