has fined AXA Advisors, LLC
, the broker-dealer and investment advisor for AXA Financial, Inc.
$250,000. The Association also censured the firm and ordered it to provide full restitution to customers and to retain an independent consultant on supervision and compliance.
The actions were taken after AXA earned more than $700,000 in revenue on customer investments in PIMCO
and Eaton Vance
funds. Both fund families offered NAV transfer programs, but AXA failed to identify them and to obtain sales charge waivers for the customers, who unnecessarily paid front-end loads on Class A shares or purchased Class B shares.
NASD also charged Erik Mosholt
, a senior vice president of AXA’s Investment Products Group, with supervisory violations. AXA and Mosholt agreed to a joint $50,000 fine for these violations without admitting or denying that they had occurred. Mosholt was censured.
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