Finra has barred a former AXA Advisors broker in Puerto Rico the firm had discharged over allegations that he used the company’s Federal Express account for personal mail, according to a letter of acceptance, waiver and consent published by the industry’s self-regulator.
Nelson Freyre-Gallardo had spent his entire 11-year financial services career with AXA when the firm discharged him in June 2017 for violating its “policy concerning personal use of the Firm’s overnight delivery services,” according to his BrokerCheck profile.
“This was non-investment related and no clients were impacted,” AXA wrote in the BrokerCheck disclosure.
In the comment section of the disclosure, Freyre-Gallardo writes that he takes full responsibility but claims the use of the company FedEx account was unintentional when the “numbers mixed up” with his own personal FedEx account, according to BrokerCheck.
Following his discharge from AXA in June 2017, Freyre-Gallardo was registered with MML Investors Services in San Juan, Puerto Rico, from October 2017 to Feb. 26, 2019, according to BrokerCheck. Finra says that he resigned from the firm.
On Feb.28, Finra staff sent a letter requesting that Freyre-Gallardo show up for on-the-record testimony related to his discharge from AXA, according to the letter of consent.
After he replied through his counsel that he would not do so, Finra barred him, the regulator says. Freyre-Gallardo agreed to the bar without admitting or denying Finra’s findings, according to the letter of acceptance.
Aside from his employment separation from AXA, Freyre-Gallardo had no other disclosures during his 13 years in the industry.