Douglas E. Keller, a former registered broker with AXA Advisors, allegedly “engaged in a prohibited and unapproved OBA by selling indexed universal life insurance away from the firm after certifying to the contrary.” For this he was terminated from the firm. Allegedly, between January 2016 and April 2017, Keller sold 14 life insurance policies through an entity unaffiliated with AXA without properly disclosing the sales to the firm. This is against internal firm policies and securities laws. For this, Keller was fined $5,000 and suspended from associating in any and all capacities with any FINRA member firm for a period of three months.
According to his online, public BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), Mr. Keller was previously registered with AXA Advisors in Woodbridge, New Jersey from December 2008 until May 2017 and is currently registered with Chelsea Financial Services in Red Bank, New Jersey, and has been since June 2017. He has three customer disputes against him, alleging unsuitable purchase of a variable annuity, and that the client did not know there were surrender charges associated with it, unsuitable recommendations of a variable life insurance policy, and misrepresentation in connection with the 2016 replacement of his whole life policy with a variable life policy.
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