Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Sales Charge Waivers Trip Up AXA Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, February 27, 2004

Sales Charge Waivers Trip Up AXA

by: Caitlin  Pickall

NASD 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.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2022: Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use