Malecki Law is investigating potential claims by investors relating to Dennis C. Lee, a former AXA Advisors, LLC broker who was recently terminated by the firm in April 2015. According to Mr. Lee’s publicly available Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he was “discharged for failing to disclose financial issues requiring Form U4 amendments, mismarking trade tickets, and placing securities trades away from AXA.” If substantiated, each of these failings could be potentially serious violations of securities laws and rules.
According to Mr. Lee’s BrokerCheck report, he has had other legal issues, including one FINRA Arbitration proceeding that was filed by a customer in February 2015 alleging that he made unsuitable investment recommendations, transferred funds to a new account without the customer’s knowledge or consent, engaged in unauthorized trading and submitted policy documents containing a forged signature. The BrokerCheck report also details two settlements between Mr. Lee and American Express and Ballys Park Place Casino Resort.
It is believed that other investors may have been misinformed about trading that may have taken place in their accounts that were managed by Mr. Lee. It is further believed that Mr. Lee may have used his ethnicity and religious background to obtain clients. The SEC has cautioned investors against affinity fraud, which refers to investment scams that prey on members of religious or ethnic communities, the elderly or other professional groups. More information regarding affinity and other investment-related fraud can be found on the Malecki Law website.
Malecki Law has previously successfully represented investors in claims arising from affinity fraud and other sales practice violations. If other investors who entrusted Mr. Lee with their trading, retirement or insurance accounts have questions regarding their account statements, they should contact to attorneys at Malecki Law for a free and confidential consultation. Malecki Law lawyers would also like to speak with anyone who may have any further information regarding Mr. Lee.
Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.