The Ft. Myers, Florida broker was suspended by FINRA due to his outside business activities
In August, Christian Fautz – who is both a lawyer and broker – received a three-month suspension from the Financial Industry Regulatory Authority (FINRA). And unless he requests termination of it, he will be permanently barred from acting as a broker.
The main reason for Fautz’ suspension is related to an allegation of selling away. This means that he allegedly sold securities that were not approved by his firm. Brokers and financial advisors are only permitted to sell registered securities through the firm in which they hold their securities licenses.
In addition to his suspension, Fautz also lost his job with AXA Advisors, LLC. The firm reported that he didn’t disclose his outside business activities or the fact that he was the subject of a criminal investigation. Fautz worked for the Fort Myers, FL, firm from 1995 until May of this year, when he was permitted to resign. From 1995 to 2000, Fautz was also a registered member of the Equitable Life Assurance Society of the United States based in New York, NY.
The recent charges against Fautz weren’t his first. In December of 2003, a customer alleged negligence, fraud, unsuitability, and other securities industry violations. The following April, another customer dispute involved the same charges, along with breach of contract. In that case, a settlement in the amount of $156,871 was reached.
More information on Christian Desmond Fautz can be found in his FINRA BrokerCheck report.
If you lost money because of violations committed by your broker, arbitration may be the best way to recover it. To get a free consultation from an experienced arbitration attorney, contact the Silver Law Group. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities, and Financial Fraud Group and our attorneys routinely represent investors in securities arbitration claims and other legal actions.
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