Category Archives: New York Department of Financial Services

SEC Issues Investor Bulletin:How to Check Out Your Financial Professional

The Securities & Exchange Commission’s  (SEC) Office of Investor Education and Advocacy issues alerts and bulletins from time to time designed to offer resources to address problems investors may face. Here is a link to that site.

In a recent bulletin, they provide resources to assist investors in checking out a financial professional’s background.  The SEC notes that “Even if a close friend or family member recommends a financial professional, you should still check out that person for signs of potential problems.”

Current information, such as where the broker is presently working, whether he/she has ever been suspended/sanctioned and qualifications can be reviewed in a number of places, including:

See this for our discussion on how to protect yourself and your loved ones when choosing a broker or brokerage firm.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

AXA Equitable Hit with $20 Million Fine Over Annuities

By Robert H. Rex, Esq. 

In March 2014, the New York Department of Financial Services fined Axa Equitable Life Insurance Co. $20 million after the regulator accused AXA of limiting returns for legacy variable annuity clients without providing proper notice to the annuity holders. 

The regulator found that the changes AXA made to older annuity polices limited gains that a client would have received prior to the change and lowered the value of certain guaranteed benefits. 

If you purchased an annuity from AXA or any other brokerage firm and feel that you were misled as to the nature of the investment, call to discuss your legal rights. 

Nationwide representation.


561 391 1900