Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Investors Accuse Equitable Advisors LLC Stockbroker Of Misrepresentation

stockbroker misconduct

Douglas Eugene Keller (also known as Douglas Eugene Savery), of Red Bank, New Jersey, a stockbroker registered with Equitable Advisors LLC (AXA Advisors LLC), was the subject of a customer initiated investment related complaint that was settled on December 9, 2020, for $5,396.04 in damages based upon allegations that Keller made misrepresentations of material fact in connection with the recommendation and sale of insurance products during the time that Keller was associated with Equitable Advisors LLC.

Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Keller is referenced in three other customer initiated investment related disputes concerning Keller’s conduct while associated with securities broker dealers, including AXA Advisors LLC. On March 8, 2010, a customer filed an investment related complaint involving Keller’s conduct in which the customer requested compensation based upon allegations that Keller made omissions of material fact in connection with the recommendation and sale of variable annuities.

On July 19, 2016, another customer filed an investment related complaint involving Keller’s conduct in which the customer requested compensation based upon allegations that Keller made unsuitable recommendations of insurance products.

On September 17, 2017, a different customer filed an investment related complaint involving Keller’s conduct in which the customer requested compensation based upon allegations of misrepresentation.

FINRA Public Disclosure shows that Keller has been fined $5,000.00 and suspended for three months from associating with any FINRA member in any capacity because Keller engaged in an undisclosed outside business activity involving the sale of life insurance products. Letter of Acceptance, Waiver, and Consent No. 2017054402801 (January 2, 2018).

According to the AWC, between January of 2016 and April of 2017, during the time that he was associated with AXA Advisors LLC, Keller privately sold 14 life insurance policies. This included 12 indexed life insurance policies. Keller received $20,595.00 in compensation for the sales. FINRA states that Keller failed to notify AXA Advisors LLC of this outside activity. Keller violated FINRA Rules 2010 and 3270.

On May 24, 2017, AXA Advisors LLC discharged Keller based upon allegations that Keller engaged in an undisclosed outside business activity.

Keller was associated with AXA Advisors LLC in Woodbridge, NJ, as a stockbroker from December of 2008 to May of 2017, and was associated with Chelsea Financial Services in Red Bank, NJ, as a stockbroker from June of 2017 to April of 2018.