Philip Anthony Simone of Irvine, California, a stockbroker formerly registered with Equitable Advisors LLC (formerly known as AXA), is identified in a customer initiated investment related written complaint on December 30, 2021, where the customer requested compensatory damages supported by accusations that Simone did not pay them back on a loan Simone received while registered with Equitable Advisors.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Simone is involved in five more customer initiated investment related disputes containing allegations of his conduct while employed by Equitable Advisors, AXA Advisors, and Centaurus Financial. Simone is the subject of a customer initiated investment related written complaint which was resolved for $22,163.71 in damages based upon accusations of inappropriate recommendations of insurance products by Simone during the time that he was registered with AXA Advisors. The complaint alleges that the customer was led to believe that they could get guaranteed interest of up to six percent on their policy.
On June 20, 2019, another customer filed an investment related complaint concerning Simone’s activities in which the customer sought $90,000.00 in damages founded on allegations that a private placement was misrepresented by Simone when he was employed by AXA Advisors LLC. According to the claim, the customer’s $90,000.00 in funds had been misappropriated because of Simone.
Simone is also referenced in a customer initiated investment related written complaint on November 17, 2019, where the customer requested $38,000.00 in damages supported by accusations of misappropriation of funds concerning a promissory note investment and misrepresentation of a variable annuity sold by Simone in 2018 when he was associated with AXA Advisors.
Another customer filed an investment related FINRA securities arbitration claim involving Simone’s conduct in which the customer sought $100,001.00 in damages based upon allegations of risky, complex, and high-commission investments sold by Simone while he was registered with Centaurus Financial. FINRA Arbitration No. 21-01741. The claim alleges that the customer’s account was overconcentrated in a real estate security.
Simone has been fined $12,500.00 and suspended for 11 months from associating with any FINRA member in any capacity founded on findings that he borrowed customers’ funds without getting permission from AXA Advisors. Letter of Acceptance, Waiver, and Consent No. 2019062406701 (November 13, 2020).
According to the AWC, FINRA investigated Simone when he was terminated by AXA Advisors as a stockbroker. The securities broker-dealer alleged Simone made misrepresentations regarding a loan. FINRA determined that Simone obtained $133,000.00 from two customers who were elderly. None of those loans were disclosed by Simone to AXA, so he violated FINRA Rules 2010 and 3240. Simone also violated FINRA Rule 2010 by falsifying documents.
