Edgar A. Kleydman of Brooklyn New York a stockbroker formerly registered with AXA Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he did not cooperate with FINRA during its investigation into his alleged private securities transactions while registered with AXA Advisors. Letter of Acceptance Waiver and Consent No. 2019064101401 (October 14, 2021).
According to the AWC, an investigation into Kleydman started with the regulator receiving a complaint from an AXA customer regarding a private securities transaction that Kleydman allegedly took part in without notifying his employer.
The regulator indicated that Kleydman cooperated with its investigation initially. This stopped in September of 2021. The AWC states that on September 21, 2021, Kleydman was sent a request from FINRA regarding testifying in the investigation. Kleydman was expected to cooperate by appearing before FINRA investigators and responding to the allegations made against him.
Kleydman’s lawyer told FINRA on September 21, 2021, that Kleydman received the request and would not comply with it. Kleydman did not testify, which precluded the regulator from determining whether he engaged in private securities transactions. For nolt cooperating in the inquiry, FINRA found that Kleydman violated FINRA Rules 2010 and 8210 and barred him as a result.
FINRA Public Disclosure shows that Kleydman has been identified in three customer initiated investment related disputes containing accusations of his wrongdoing during the time that he was registered with Equitable Advisors LLC and JP Morgan Securities LLC. On June 21, 2018, a customer initiated investment related FINRA securities arbitration claim involving Kleydman’s activities was settled for $55,000.00 in damages based upon allegations of an unsuitable equity transaction by Kleydman when he was associated with JP Morgan Securities. FINRA Arbitration No. 17-02250.
Kleydman is referenced in a different customer initiated investment related FINRA securities arbitration claim which was resolved for $15,000.00 in damages based on accusations of Kleydman selling away from Equitable Advisors. FINRA Arbitration No. 21-00287 (May 3, 2021). According to the claim, Kleydman misrepresented investment returns. The claim alleges that he made guarantees relating to the customer’s funds invested in an outside brokerage account.
Another customer filed an investment related FINRA securities arbitration claim concerning Kleydman’s conduct. They sought $35,650.64 founded upon allegations of negligence and breach of contract by Kleydman during the period that he was associated with Equitable Advisors. FINRA Arbitration No. 21-01711 (August 26, 2021). The claim alleges that options and common stock transactions were unsuitable. The claim also contains accusations of breach of fiduciary duty and fraud resulting in damages.
Kleydman was registered with AXA Advisors between December 2, 2015, and December 10, 2019. He was registered with MML Investors Services between December 19, 2019, and March 16, 2020.
