
The Financial Industry Regulatory Authority fined AXA Advisors, LLC, $1.2 million for failing to adequately supervise its fee-based brokerage business and distributing deceptive sales literature for its fee-based brokerage account program, capadvantage, between 2001 and 2005. FINRA also ordered AXA Advisors to return $1.4 million in fees to approximately 1,800 customers who were inappropriately placed or kept in fee-based brokerage accounts. For more info visit https://www.finra.org/media-center/news-releases/2007/finra-fines-axa-advisors-12-million-fee-based-account-violations-orders