Securities Arbitration Lawyer Blog
FINRA has barred former AXA Advisors, LLC broker Edgar Kleydman from the securities industry. Kleydman consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during its investigation into whether he engaged in private securities transactions without providing written notice to his member firm.
If you have lost money with Edgar Kleydman, or AXA Advisors, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019064101401
Edgar A. Kleydman and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on October 14, 2021, after FINRA alleged that Kleydman refused to appear for on-the-record testimony, in violation of FINRA Rules 8210 and 2010.
FINRA indicated that the matter originated from an AXA customer’s complaint to FINRA alleging that Kleydman had engaged in private securities transactions without providing written notice to AXA.
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “require a…person associated with a member, or any other person subject to FINRA’s jurisdiction, to provide information orally, in writing, or electronically…and to testify at a location specified by FINRA staff…with respect to any matter involved in [a FINRA] investigation.” FINRA Rule 8210(c) states that “[n]o…person shall fail to provide information or testimony…pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.”
Kleydman initially cooperated with FINRA’s investigation; however, he ceased doing so in September 2021, when FINRA sent a request to Kleydman for on-the-record testimony pursuant to FINRA Rule 8210. Through counsel, Kleydman communicated to FINRA that he would not appear for on-the-record testimony at any time.
By refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Kleydman violated FINRA Rules 8210 and 2010.
Edgar A. Kleydman (CRD#: 2727571)
Kleydman has 19 years of experience in the securities industry.
Kleydman was first associated with a FINRA member in 1996. In 2015, Kleydman became registered with FINRA through his association with AXA Advisors, LLC. On December 10, 2019, AXA filed a Uniform Termination Notice for Securities Industry Registration (Form U5) for Kleydman, terminating his registration with FINRA. Kleydman was then registered with FINRA through his association with MML Investors Services, LLC until March 16, 2020.
Kleydman’s public FINRA CRD shows a total of three customer complaints; two of the complaints were settled while one is still pending. One of the settled complaints alleged that “RR engaged in “selling away” by selling Claimant investments not sold by the brokerage firm, and then allegedly misrepresented the return on investment and made a guarantee associated with Claimant’s funds.” You can read more about selling away here.
The pending customer complaint, which was filed on August 26, 2021, asserted the following causes of action: fraud, breach of fiduciary duty, unsuitability, breach of contract, and negligence. The claim seeks damages of $35,650.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Edgar Kleydman, or AXA Advisors, LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.