Allegations of FINRA

Patrick Pistor of New Braunfels, Texas was discharged by Equitable Advisors in February 2025.  Equitable Advisors disclosed that he was “discharged for failure to comply with the Firm’s Outside Business Activity policy”.  Generally, under FINRA Rule 3270, stockbrokers must get permission from their brokerage firm to engage in any business activities that fall outside the employment with the brokerage firm.

Subsequently, FINRA started its own investigation into the allegations regarding Pistor.  He has been indefinitely suspended from the securities industry since July 11, 2025 because he allegedly failed to respond to the FINRA investigation.

Background

Patrick Pistor worked in aNew Braunfels, Texas office while he was registered with Equitable Advisors from September 2022 to February 2025. 

Can I Recover My Investment Losses?

Yes—investors have the right to pursue claims through FINRA arbitration, a legal forum designed to help recover funds lost due to broker misconduct or unsuitable investment recommendations.

Financial advisors may be individually liable for misrepresentation, unsuitable advice, or breach of fiduciary duty. However, Equitable Advisors may also bear responsibility if they failed to properly supervise Pistor or ignored warning signs.

We Represent Investors in Texas

Israels & Neuman has helped thousands of investors nationwide recover money lost to financial advisor misconduct and we represent investors throughout Texas.  Our attorneys have extensive experience handling claims involving investment schemes.

Free Case Review — Speak to a Securities Fraud Attorney Today

If you invested with Patrick Pistor, contact Israels & Neuman for a free and confidential case evaluation. Our attorneys are here to help you understand your rights and determine whether a claim through FINRA arbitration is right for you.

(720) 599-3505 or (206) 795-5798

TOLEDO, OHIO Have you lost money with financial advisor James Simpson, formerly with Equitable Advisors (previously AXA Advisors) in Toledo, Ohio? We are continuing to look into allegations made against James Earl Simpson. In November 2021, Simpson was barred from the securities industry by FINRA. FINRA barred Simpson after he failed to respond to its investigation concerning his recent fraud charges.

In September 2021, Simpson was charged with fraud by the U.S. Attorney’s Office for the Northern District of Ohio. Simpson was alleged to have misappropriated $400,000. Simpson was “permitted to resign” by Equitable Advisors in August 2021. It was alleged that Simpson misappropriated client funds and allegedly sold an unsuitable annuity.

James Simpson was with Equitable Advisors (formerly AXA Advisors) from 1980 to August 2021. He has worked at branch offices in Toledo, Ohio. Simpson was also the subject of two customer complaints.

Brokerage firms like Equitable Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Ohio. Our attorneys have represented over one thousand investors against many brokerage firms in the past.

If you lost money with James Simpson or Equitable (AXA) Advisors, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.

Kevin Dooley has been with AXA Advisors (now Equitable Advisors) from 1995 to the present. He has worked at branch offices in Miami, Florida. Dooley was also the subject of another customer complaint regarding REITs that settled for $690,000.

Brokerage firms like AXA Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Florida. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against AXA Advisors.

View K Dooley BrokerCheck Report

If you lost money with Kevin Dooley or AXA Advisors, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.