AXA Advisors To Pay $3.8M Over Brokerage Fees

Law360, New York (September 5, 2007, 12:00 AM EDT) -- AXA Advisors LLC has been fined $1.2 million and will repay $2.6 million to customers who were placed in fee-based brokerage accounts that weren’t designed for them.

The Financial Industry Regulatory Authority announced the fine Wednesday against AXA for failing to adequately supervise its fee-based CapAdvantage brokerage program and providing inaccurate information about the program between 2001 and 2005.

FINRA ordered AXA to return $1.4 million in fees to about 1,800 customers, the majority of whom were allowed to open a CapAdvantage account with less than...
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