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FINRA alleges the firm “negligently misrepresented” bond funds offered for 401(k) plans.
The Financial Industry Regulatory Authority (FINRA) reports that it has fined AXA Advisors, LLC $600,000 and ordered the firm to pay approximately $172,000 in restitution to approximately 6,200 affected retirement plan participants for allegedly “distributing materials that negligently misrepresented that certain bond funds offered for 401(k) plans were ‘investment-grade’ when, in fact, a substantial portion...
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