Leon Edward Dixon, of Miami, Florida, a registered representative formerly associated with AXA Advisors, LLC, has been fined $7,500.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Dixon, inter alia, engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2016051430401 (Apr. 14, 2017).
According to the AWC, between April of 2014 to October of 2015, Dixon partook in private securities transactions at a time when he was associated with AXA Advisors, LLC. Apparently, an $18,000 investment was initially made by Dixon in an entity focused in the telecommunications industry. The AWC stated that fifteen customers of AXA Advisors LLC were subsequently solicited by Dixon to make investments in the entity. Dixon reportedly facilitated the customers’ investments, and coordinated the nearly $181,500.00 in payments which the Company received from the AXA customers. The AWC indicated that the Company compensated Dixon $15,000.00 as a result.
The AWC revealed that Dixon’s private securities transactions were never disclosed by him to his firm, and his firm therefore never approved of them. Evidently, non-disclosures had been made by Dixon on the firm’s annual compliance questionnaires. Specifically, in reference to Dixon’s conduct between 2014 and 2016, he was not reportedly inaccurate when claiming not to have partaken in private securities transactions. FINRA found that Dixon’s conduct in this regard was violative of FINRA Rules 2010, 3280, as well as NASD Rule 3040. On September 16, 2016, he was terminated by AXA Advisors based upon allegations that he engaged in securities business away from his firm.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on November 9, 2015, a customer initiated investment related written complaint involving Dixon’s conduct was settled to resolve allegations that Dixon made misrepresentations concerning a variable annuity investment purchased in 2015 by the customer.
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