Philip Anthony Simone, of Costa Mesa, California, a stockbroker formerly registered with Centaurus Financial Inc., is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $100,001.00 in damages based upon accusations of their account being overconcentrated in complex, risky, and high-commission real estate securities while Simone was registered with Centaurus Financial. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01741 (September 13, 2021). According to the claim, Simone engaged in unsuitable trading at Centaurus Financial.
Simone has been identified in three more customer initiated investment related disputes concerning allegations of his activities while employed by AXA Advisors. FINRA Public Disclosure shows that a customer initiated investment related complaint involving Simone’s conduct was resolved for $22,163.71 in damages founded on accusations of Simone making unsuitable recommendations to the customer regarding insurance policies when Simone was employed by AXA Advisors. The complaint also alleges misrepresentations concerning the guaranteed interest on a variable annuity purchase.
On June 20, 2019, another customer filed an investment related complaint regarding Simone’s activities in which they sought $90,000.00 in damages supported by allegations that Simone made misrepresentations relating to a private placement. According to the complaint, the customer’s funds were misappropriated by Simone during the time that he was associated with AXA Advisors.
Simone is identified in a different customer initiated investment related written complaint on November 17, 2019, where the customer requested $38,000.00 in damages based upon accusations of a misrepresented variable annuity by Simone in 2018 when he was registered with AXA Advisors. The complaint also alleges that Simone misappropriated money he received from her for a promissory note purchase.
Simone has been fined $12,500.00 and suspended for eleven months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he borrowed customer funds while he was employed by AXA Advisors. Letter of Acceptance, Waiver, and Consent No. 2019062406701 (November 13, 2020).
According to the AWC, Simone borrowed $133,000.00 from elderly AXA Advisors customers without getting the firm’s permission. He was prohibited under AXA Advisors’ policies from borrowing from customers. Simone omitted this information from the firm and then falsely stated in compliance questionnaires that he did not borrow customer funds. He violated FINRA Rules 2010 and 3240 for this reason. FINRA states that Simone also falsified accounts statements and other documents relating to a transaction concerning a third-party bank. Simone violated FINRA Rule 2010 because of this.
Simon was registered with Centaurus Financial between August 1, 2013, and May 8, 2017. He was registered with AXA Advisors between May 15, 2017, and April 22, 2019. He was discharged by AXA Advisors supported by allegations of misrepresentation.