A former AXA Advisors broker in Scottsdale, Ariz., has been indicted on charges that he stole $475,000 from three of his clients' retirement accounts, according to a statement by the state attorney general's office reported by azcentral.com.
Howard Price III, who was with AXA Advisors from 2007 to 2012, allegedly persuaded three clients to move individual retirement account funds held there to his own firm, Howard Price Wealth Management, after he left AXA and was no longer registered.
The state's case alleges that Mr. Price spent the client's retirement money at clubs and bars.
He is being charged with one count of fraudulent schemes and artifices and three counts of theft, and will be arraigned Friday.
"These allegations occurred after this individual voluntarily terminated his affiliation with AXA Advisors in July 2012," an AXA spokesperson said. "AXA Advisors has zero tolerance for such conduct and the security of our clients' accounts is our top priority. We are cooperating fully with local authorities."