FINRA fined and suspended former Los Angeles-area broker Billy Hai Zhang after he settled a customer complaint away from his firm, AXA Advisors, without telling AXA about the settlement. Meanwhile, a pending customer dispute alleges that Zhang forged a client's signature on several forms associated with annuity and insurance products.
According to AWC #2018057646701, a customer in 2016 filed a complaint alleging that Billy Zhang (CRD #5510158) improperly handled proceeds from the partial redemption of a variable life insurance product.
Investigators found that Zhang paid $10,600 in 2017 to settle the complaint, but failed to notify AXA Advisors about the complaint, similarly failing to obtain the firm's approval or consent before making the payment.
In 2018, AXA Advisors permitted Zhang to resign while under investigation for sales practices and unauthorized fund withdrawal allegations.
In January 2019, a former Zhang customer filed a dispute alleging misrepresentation and unsuitability related to annuity and insurance policy sales. That complaint, which also alleges that Zhang forged customer signatures on "many of the forms" associated with annuities and insurance policies, remains pending.
If you have suffered losses or other financial harm after investing with Los Angeles, California-area broker Billy Hai Zhang, formerly with AXA Advisors, or with any financial adviser or representative who engaged in misconduct—such as forgery, misrepresentation, unsuitability, or misuse of funds—and then attempted to settle your complaint away from the firm and outside the regulatory oversight umbrella, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.