Edgar A. Kleydman of Brooklyn, New York, a stockbroker formerly registered with Equitable Advisors LLC (formerly known as AXA), is named in a customer initiated investment related FINRA securities arbitration claim where the customer received an award of $10,325.32 in damages supported by findings of Kleydman’s sales practice violations. The Statement of Claim alleges negligence, breach of contract, unsuitable trading, fraud, and selling away in violation of industry rules. FINRA Arbitration No. 21-01711 (March 9, 2022). The claim also contains allegations of breach of fiduciary duty resulting in damages.
FINRA Public Disclosure shows that Kleydman has been identified in two more customer initiated investment related disputes concerning accusations of his wrongdoing while employed by securities broker dealers, including Equitable Advisors and JP Morgan Securities. Kleydman is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $55,000.00 in damages based upon allegations of unsuitable trading of stock by Kleydman for the customer’s account at JP Morgan Securities. FINRA Arbitration No. 17-02250 (June 21, 2018).
Another customer initiated investment related FINRA securities arbitration claim concerning Kleydman’s conduct was settled for $15,000.00 in damages founded on accusations of Kleydman’s private securities transactions when registered with Equitable Advisors. FINRA Arbitration No. 21-00287 (May 3, 2021). The claim alleges that Equitable Advisors did not offer securities the customer purchased through Kleydman away from the securities broker dealer. The claim alleges that the return on the investment had been misrepresented by Kleydman, and the customer received a guarantee regarding their funds invested in a brokerage account.
Public Disclosure additionally shows that Kleydman has been barred from associating with any FINRA member in any capacity, supported by findings that Kleydman refused to cooperate with FINRA who investigated allegations of Kleydman’s private securities transactions while registered with Equitable Advisors. Letter of Acceptance, Waiver, and Consent No. 2019064101401 (October 14, 2021).
The AWC states that Kleydman was investigated for possibly violating FINRA rules on selling away from his employer. While Kleydman cooperated with the investigation at first, he stopped doing so following FINRA’s request for his testimony. On September 21, 2021, the stockbroker was asked to testify in the investigation. Kleydman’s lawyer told FINRA that Kleydman received its request and refused to testify. FINRA determined Kleydman violated FINRA Rules 2010 and 8210.
Kleydman was employed by AXA Advisors between December 2, 2015, and December 10, 2019, and MML Investors Services LLC between December 19, 2019, and March 16, 2020.
