{"id":7057,"date":"2019-05-10T15:19:18","date_gmt":"2019-05-10T20:19:18","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=7057"},"modified":"2022-05-17T14:34:20","modified_gmt":"2022-05-17T19:34:20","slug":"axa-financial-ordered-to-pay-fines","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/axa-financial-ordered-to-pay-fines\/","title":{"rendered":"AXA Financial Ordered to Pay $3.2M to Farming Family"},"content":{"rendered":"<p>\t\t\t\tAn egg-farming family based in New York has been awarded $3.2M in its <a href=\"http:\/\/www.finra.org\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Industry Regulatory Authority (FINRA) <\/a>arbitration claim against AXA Financial. The claimants are an older couple, Sandra and James Fitzpatrick, who own Fitzpatrick Poultry Farm. They contend that Franceso Puccio, an ex-AXA Financial broker, placed their money into variable annuities (VA), which were unsuitable for them. Puccio has already been convicted for senior investor fraud involving another elderly client that was also with the firm.<\/p>\n<p>The couple are claiming that they lost millions of dollars because of the way AXA and Puccio handled their funds. They contend that their money had been invested in mutual funds until Puccio moved their funds, as well as four life insurance policies, into VAs.<\/p>\n<p>Puccio worked in the securities industry for 16 years. He was barred by FINRA in 2015 after he failed to turn over information and documents that the regulator had requested related to an investigation into whether he had converted monies from a non-customer. Puccio\u2019s <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/3204237\" target=\"_blank\" rel=\"noopener noreferrer\">BrokerCheck<\/a> record notes several customer disputes, with allegations including unsuitable investments sold to claimants, negligence, breach of fiduciary duty, misrepresentations, and omissions.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/axa-financial-ordered-to-pay-fines\/\"  title=\"Continue Reading AXA Financial Ordered to Pay $3.2M to Farming Family\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>An egg-farming family based in New York has been awarded $3.2M in its Financial Industry Regulatory Authority (FINRA) arbitration claim against AXA Financial. The claimants are an older couple, Sandra and James Fitzpatrick, who own Fitzpatrick Poultry Farm. They contend that Franceso Puccio, an ex-AXA Financial broker, placed their money into variable annuities (VA), which [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3953,3773,3739,3803,3884],"tags":[3400,3026,3401,3402],"class_list":["post-7057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arbitration-rulings","category-broker-fraud","category-finra","category-senior-investors","category-variable-annuities","tag-axa-financial","tag-broker-fraud","tag-fitzpatrick-poultry-farm","tag-franceso-puccio"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AXA Finanical To Pay $3.2M To Farming Family &#8212; Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"An egg-farming family based in New York has been awarded $3.2M in its FINRA arbitration claim against AXA Financial and former broker, Franceso Puccio.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/axa-financial-ordered-to-pay-fines\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"AXA Finanical To Pay $3.2M To Farming Family &#8212; 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