Fitness Industry Broker Receives Suspension for Fundraising Activities

Mar 5, 2024

Jeffrey W. Davidson, a broker with Equitable Advisors LLC, was fined $15,000 and suspended for 21 months by the Financial Industry Regulatory Authority (FINRA) for allegedly raising over $10 million for a fitness company he co-owns without proper approval from his employer. Davidson participated in a private equity offering from May 2021 to January 2022 without written approval from Equitable, resulting in his termination from the firm. Despite disclosing his ownership interest in the fitness company, Davidson didn’t have approval for the offering. The offering raised $10.21 million from 18 investors, including a private equity fund and accredited investors associated with the fitness company, some of whom were Davidson’s clients at Equitable.

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