Former California broker Chad D. Hornday (CRD# 2776038) has recently been
permanently barred by FINRA and is no longer able to work as a financial advisor.
In August 2016, Hornday was “permitted to resign” from his
brokerage firm, AXA Advisors, LLC of Carlsbad, California. The firm was
conducting an internal investigation based on allegations that there were
loans he received from a client and he made an unapproved investment away
from the firm. Hornday had been with AXA since May 2013.
In January 2017, FINRA began its own investigation. Because Hornday failed
to respond to FINRA’s request for information and cooperate in its
investigation, FINRA barred him from acting as a broker in January 2017.
Hornday has one pending customer dispute that was filed in June 2017 by
a customer seeking $453,000 in damages. Hornday allegedly,
“solicited personal loans, embezzled monies by selling non-existent
and unregistered securities, engaged in ‘selling away’ and
made unsuitable recommendations from 2013 to 2016.”
Selling Away Usually Results in Losses for Clients
Selling away is investment misconduct and most often results in substantial
monetary losses to defrauded investors. Many cases involve private placements,
promissory notes, and other non-public investments that put trusting clients
on the losing end of such deals.
Watch Managing Partner David Meyer explain the ins and outs of selling away.
If you have had investments with Chad Hornday or any other broker who you
believe has participated in selling away, the experienced investment fraud
attorneys at Meyer Wilson would like to speak with you. Call today for a
free consultation with no risk to you.