Recently, James Jacobs, an advisor with AXA Advisors in Chesterfield, Virginia, was accused of not properly informing a customer of the fees and charges associated with a variable annuity product. He also allegedly misrepresented material facts related to unsuitable investments in a limited partnership and a mutual fund product. These are against securities rules. A broker must only recommend those investments that are suitable for an investor, and variable annuities can be risky and may come with hidden fees. The broker must take into account the client’s age, net worth, investment objectives and sophistication before recommending and selling securities. If he does not, his brokerage firm may be liable for losses.
According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Mr. Jacobs was registered with The Equitable Life Assurance Society of the United States in New York, New York from January 1971 until January 2000 and AXA Advisors in Chesterfield, Virginia and has been since October 1980. He has five customer disputes against him. If you lost money with Mr. Jacobs, please call our Chicago-based law firm today at 312-332-4200 for a free consultation with one of our attorneys. We are contingency-fee based attorneys who may be able to bring a claim against AXA Advisors for James Jacobs losses.
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