Ryan Christopher Keller, of Woodbridge, New Jersey, a stockbroker formerly registered with AXA Advisors, LLC, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in all capacities by consenting to findings that he engaged in unapproved outside business activities. Letter of Acceptance, Waiver and Consent, No. 2017054402501 (Oct. 23, 2017).
According to the AWC, between January of 2016 and April of 2017, fourteen life insurance policies, twelve of which included indexed life contracts, had been sold by Keller through a company that was not associated with AXA. The firm reportedly prohibited sales of life insurance contracts that Keller effected away from the firm, and Keller effected those transactions without the firm’s knowledge. As a result of selling the insurance policies, Keller was compensated $21,419.00.
Keller apparently failed to be forthcoming when questioned by AXA as to whether he sold policies outside of the firm’s auspices. Consequently, FINRA found that Keller’s unapproved outside business activities constituted violations of FINRA Rules 2010 and 3270. AXA Advisors, LLC terminated Keller on May 24, 2017, based upon allegations that he sold indexed universal life insurance policies away from the firm and lied about it.
FINRA Public Disclosure reveals that on March 8, 2010, a customer filed an investment related written complaint involving Keller’s conduct, supported by accusations that Keller failed to inform the customer about the variable annuity purchased, and failed to discuss the surrender penalties associated with liquidating the policy. Keller has also been subject of a written complaint on July 19, 2016, where the customer alleged that unsuitable investment recommendations were made regarding variable life insurance policies purchased by the customer.
Since June 23, 2017, Keller has been employed with Chelsea Financial Services.
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