A State Grand Jury indicted Howard M. Price III, a former investment adviser, for allegedly stealing $475,000 from his client’s retirement accounts. Price, 44, is charged with one count of Fraudulent Schemes & Artifices and three counts of Theft.
The Arizona Corporation Commission investigated this case. Price has not been registered to sell securities or licensed to provide investment advice in Arizona since 2012. From 2013 to 2017, Price allegedly convinced three clients to roll over their IRA retirement money to his firm, Howard Price Wealth Management, with the promise of guaranteed returns.
An AXA Advisors spokesperson provided the following statement, “These allegations occurred after this individual voluntarily terminated his affiliation with AXA Advisors in July 2012. 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.”
The State alleges that once Price gained control of the victims’ money, he misused his clients’ retirement funds to make purchases at clubs, bars, and restaurants in Scottsdale and Arcadia.