Camille Cordova of Woodland Hills, California, a stockbroker formerly registered with Equitable Advisors (formerly known as AXA Advisors), has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Cordova made an unsuitable recommendation to the customer regarding a variable annuity. Letter of Acceptance Waiver and Consent No. 2019064218702 (May 31, 2022).
According to the AWC, in April of 2018, an Equitable Advisors customer had been recommended a deferred annuity by Cordova and another securities broker. The recommendation entailed the customers moving $540,000 in funds from an indexed annuity to a variable annuity. FINRA states that Cordova overlooked the tax consequences of moving funds from the indexed annuity through withdrawals to fund the variable annuity versus moving funds from the indexed annuity through a tax-free exchange (1035 Exchange) to fund the variable annuity.
FINRA states that Cordova did not perform her own research on the recommended arrangement and instead relied on the other broker’s information regarding the taxability of the annuity transaction. FINRA states that the customer experienced unreasonable tax consequences by following Cordova’s investment advice. Cordova violated FINRA Rules 2010 and 2111 for this reason.
FINRA Public Disclosure shows that Cordova is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $312,500.00 in damages based upon allegations of Cordova’s unsuitable advice concerning annuities while Cordova was registered with Equitable Advisors. FINRA Arbitration No. 20-03050 (November 15, 2021).
Cordova was employed by Equitable Advisors between April 28, 2017, and June 8, 2019. She was also associated with NYLife Securities between June 28, 2019, and January 27, 2022.