Defendant Name:
AXA Advisors, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
AXA UAP
SIC Code:
6311
CUSIP:
05453610
Document Reference:
34-66206
Document Details
Legal Case Name
In the Matter of AXA Advisors, LLC
Document Name
Order Instituting Administrative Proceedings Pursuant to Section 15(b)(4) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions
Document Date
20-Jan-2012
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On January 20, 2012, the SEC instituted settled administrative proceedings against AXA Advisors, LLC, stating: "Respondent failed reasonably to supervise Leo T. Buggy (“Buggy”) with a view
to preventing and detecting his violations of the federal securities laws during the period
December 2005 through December 2008. During this time period, Buggy fraudulently induced
customers to redeem securities held at AXA Advisors, including variable annuities and mutual
funds, under the false representation that the proceeds from such redemptions would be invested
in other securities through AXA Advisors. Instead, Buggy caused customers to place those
funds in a bank account controlled by Buggy, from which he misappropriated the funds. "
Disgorgement & Penalty Information
Resolutions
Censured
Compliance Related Independent Consultant
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$100,000.00
Shared:
