AXA Advisors Sued For Suitability

Joseph R. Dimauro, of New York, New York, a registered representative associated with AXA Advisors, LLC, was the subject of a customer initiated investment related written complaint on May 3, 2016, alleging that in 2014, Dimauro effected the purchase of variable annuities for the customer even though the annuities were not suitable.

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Dimauro has been subject of three additional customer initiated investment related disputes containing allegations of Dimauro’s misconduct while employed with AXA Advisors, LLC. Particularly, on August 26, 2008, a customer filed an investment related written complaint involving Dimauro’s activities based upon allegations including the failure to notify customers about fees assessed on their variable life insurance policy.

Subsequently, on December 29, 2008, a customer filed an investment related written complaint involving Dimauro’s conduct, supported by accusations that Dimauro effected unauthorized transactions pertaining to the customer’s annuity. Moreover, on December 16, 2011, a customer filed an investment related written complaint regarding Dimauro’s activities, in which the customer sought damages based on allegations against Dimauro of making misrepresentations to the customer about insurance products.

Mr. Dimauro denies these allegations and states that “the first item listed form 2016 does not mention that the customer made these ALLEGED claims and that there was never any decision or evidence that said these claims were in fact true. It also does not mention that there was a good faith decision and that the party dropped these allegations against use.” The item in 2008 was denied and there was no basis found for the claim. The other claim from 2008 was withdrawn by the client and they had no claim or complaint against Dimauro who was supposedly “not involved.” It doesn’t say anywhere in your article that this was withdrawn. “The item” or complaint from 2011 “once again was denied no basis was found.”

FINRA Public Disclosure does state that the 2015 complaint regarding the variable annuities was settled for $41,500, and that of this settlement, Mr. Mr. Dimauro personally paid $20,750 and AXA Advisors paid the remaing $20,750.

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