scales of justice

Douglas Eugene Keller (also known as Donald Eugene Savery) of Red Bank New Jersey a stockbroker formerly registered with Equitable Advisors (also known as AXA Advisors) is referenced in a customer initiated investment related written complaint on August 10, 2020 in which the customer sought $100,000.00 in damages supported by accusations that misrepresentations had been made to the customer concerning the replacement of life insurance. The claim alleges that the surrender schedule and fees of the replacement products had been misrepresented by Keller while he was associated with Equitable Advisors.

FINRA Public Disclosure confirms that Keller has been identified in three more customer initiated investment related disputes regarding allegations of his misconduct during the period that he was employed by AXA Advisors. Keller is the subject of a customer initiated investment related complaint where the customer requested unspecified damages founded on accusations of Keller failing to tell the customer about surrender charges that would apply upon the customer liquidating a contract purchased through Keller at AXA Advisors.

On July 19, 2016, another customer filed an investment related complaint involving Keller’s conduct in which the customer sought unspecified damages based upon allegations that the customer was sold a bad variable life insurance product during the time that Keller was associated with AXA Advisors. On October 9, 2017, an additional customer filed an investment related complaint involving Keller’s activities where the customer requested unspecified damages supported by accusations of misrepresentations relating to the customer’s exchange of a whole life insurance policy with a variable life insurance policy through Keller.

FINRA Public Disclosure additionally reveals that Keller has been fined $5,000.00 and suspended for three months from associating with any FINRA member in any capacity founded on findings that Keller sold indexed life insurance policies away from AXA Advisors. Letter of Acceptance Waiver and Consent No. 2017054402801 (Jan. 2, 2018). According to the AWC, 14 life insurance policies (12 which were indexed life insurance policies) had been sold by Keller through a company not associated with AXA. All but two individuals who purchased the products had maintained accounts at AXA. Keller’s solicitation of these transaction was concealed from AXA Advisors. Keller’s conduct was violative of FINRA Rules 2010 and 3270.

Keller was discharged by AXA Advisors on May 24, 2017 based upon allegations that he engaged in undisclosed outside business activities relating to universal life insurance. Keller was registered with Chelsea Financial Services between June 23, 2017 and April 6, 2018.