Nicolas Barrios, former Winter Haven, Florida UBS branch manager and financial advisor has been barred by the Financial Industry Regulatory...Read More
Douglas Keller Suspended By Financial Regulator Following Termination From AXA Advisors
According to a Financial Industry Regulatory Authority (FINRA) Letter of Acceptance, Waver and Consent dated January 2, 2017, financial advisor Douglas Keller has been suspended by FINRA for three months and fined $5,000 for selling 14 life insurance policies without disclosing the sales to AXA Advisors. According to FINRA, Keller violated FINRA Rules 3270 and 2010.
On or around May 24, 2017, Keller’s employment with AXA was terminated for the same conduct: “engaging in a prohibited and unapproved [Outside Business Activity] by selling indexed universal life insurance away from the Firm after certifying to the contrary.”
According to FINRA, Keller sold 14 insurance policy, including 12 indexed life insurance policies, through a company that was not associated with AXA. Keller was allegedly paid about 20,595 for the sales of these policies.
FINRA Rule 3270 is the “outside business activity” rule, which states that people associated with FINRA members (such as Keller), cannot engage in business activities outside of their firm (such as AXA) for compensation. FINRA Rule 2010 states “[a] member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.” FINRA alleged that Keller violated both of these rules.
Keller also has three customer complaints on his record with allegations of: (1) “Client alleges that the agent did not inform her that she purchased a variable annuity or that there were any surrender charges associated with the contract.”; (2) “Daughter of the trustee alleges that the recommendation to purchase a variable life insurance policy in 2010 was unsuitable. RR Douglas Keller provided administrative support in the sale of the product”; and (3) “Client alleges misrepresentation in connection with the 2016 replacement of his whole life policy with a variable life policy.” Keller is currently employed by Chelsea Financial Services in New Jersey.
If you have lost money due to unapproved sales by a financial advisor, call us at (305) 965-1373 for a free consultation.