A firm has agreed to pay a $50,000 fine to resolve U.S. Securities and Exchange Commission concerns about supervision of a registered representative convicted of charges related to rollovers into 403(b) products.
The SEC says AXA Advisors L.L.C., a unit of AXA S.A., Paris, should have kept Gordon Robert Moore, who had an office in Longmont, Colo., from persuading the teachers to roll about $1.6 million of 401(k) plan assets into the 403(b) plan products from June 2001 to July 2007.
Because the teachers continued to work for public schools that belong to the Colorado Public Employees’ Retirement Association and had not reached age 59.5, they were inelible for tax-free rollovers, SEC officials say.
In January 2008, Moore pled guilty to securities fraud, theft and computer crime, officials say.
Moore was sentenced to 2 years of probation and ordered to pay criminal restitution, officials say.