Douglas E. 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 any capacity based upon consenting to findings that he engaged in undisclosed outside business activities. Letter of Acceptance, Waiver and Consent, No. 2017054402801 (Jan. 2, 2018).
According to the AWC, from January of 2016 to April of 2017, Keller executed the sales of fourteen life insurance policies, twelve of which included indexed life insurance contracts. Those sales were reportedly effected away from AXA but involved at least twelve customers who held accounts at AXA. Keller failed to inform AXA about his involvement in the insurance transactions as well as the $20,595.00 in compensation that he received in connection with his sales efforts.
The AWC further revealed that Keller failed to be forthcoming to AXA when questioned about his activities. Particularly, in July of 2016, he denied having solicited life insurance away from AXA in the firm’s compliance certification. FINRA found Keller’s conduct violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure confirms that Keller has been referenced in three customer initiated investment related disputes pertaining to allegations of his misconduct during the time he was associated with AXA Advisors, LLC. Specifically, on March 8, 2010, a customer filed an investment related written complaint involving Keller’s conduct, alleging that the customer was not made aware of the surrender penalties associated with a variable annuity.
Additionally, on July 19, 2016, a customer filed an investment related written complaint regarding Keller’s activities, alleging that Keller’s variable life insurance policy recommendation was not suitable for the customer. Thereafter, on October 9, 2017, a customer filed an investment related written complaint involving Keller’s conduct, alleging that misrepresentations had been made to the customer regarding the switching of a whole life insurance policy with a variable life insurance policy.
Keller was fired from AXA Advisors based upon accusations that he engaged in unapproved outside business activities, selling indexed universal life insurance policies outside the firm’s auspices. Since June 23, 2017, he has been registered with Chelsea Financial services.
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