What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: August 16, 2016

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Robert Heath, a former AXA Advisors broker was accused of borrowing money from a customer in violation of FINRA rules. He was suspended from the industry for three months and fined $5,000. He was also ordered to pay the customer $7,500 in interest. Allegedly, on July 20, 2012, Heath borrowed $7,500 from his customer. The loan was undocumented and Heath was to make monthly payments to the customer equaling six percent simple interest until the loan was repaid. There was no fixed maturity date for the loan. Heath has not repaid any principal to the customer since taking the loan.

According to his online public FINRA BrokerCheck page, Heath was registered with The Variable Annuity Marketing Company in Houston, Texas from September 1990 until December 2001, AIG Retirement Advisors in Lakewood, Colorado from March 1998 until December 2008, AXA Advisors in Highlands Ranch, Colorado from December 2008 until December 2012 and Presidential Brokerage in Colorado Springs, Colorado from December 2012 until September 2015. He has two criminal dispositions against him and one customer dispute. He is not currently licensed within the industry.

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