
FINRA fined AXA Advisors, LLC $600,000 and ordered the firm to pay approximately $172,000 in restitution to affected 401(k) retirement plan participants for distributing materials that negligently misrepresented that certain bond funds offered for 401(k) plans were investment-grade when, in fact, a substantial portion of the funds' portfolios consisted of high-yield or junk bonds. As part of the settlement, FINRA also required AXA to send corrective disclosures to all affected plan participants. For more info visit https://www.finra.org/media-center/news-releases/2019/finra-sanctions-axa-advisors-llc-approximately-772000-misrepresentations-401k-plan-sponsors-and