Securities Lawyers Blog
We represent clients of financial advisors and brokerage firms in investment disputes against their firms, such as PHX Financial, Inc.. Our services cover a wide spectrum of broker misconduct, including unsuitable investments, failure to supervise, and losses in various investment products. Our firm can analyze your brokerage accounts, determine the extent of your investment losses, and understand the issues and remedies available.
PHX Financial is a broker-dealer firm registered in the United States securities industry. The firm was formed in Florida in 2006.
PHX Financial, Inc. – By the Numbers:
- CRD #: 144403
- Regulatory Events: 4
- Arbitration Events: 2
- Broker Employees: 99
PHX Financial, Inc. – In the News:
FINRA v. PHX Financial, Inc. (Case #2016048921103) – From January 2013 until April 2019, PHX failed to establish and maintain a system, including written supervisory policies and procedures, reasonably designed to achieve compliance with the securities laws and regulations related to unsuitable excessive trading in customer accounts. In addition, from May 2013 through April 2016, PHX failed to reasonably enforce its WSPs related to options. As a result, PHX violated NASD Rule 3010 and FINRA Rules 2360, 3110, and 2010. From June 2013 to April 2015, PHX, through Robert Delaplain, failed to reasonably supervise two registered representatives, Halil Kozi and RR A, who engaged in unsuitable excessive trading and unsuitable options trading in the accounts of two customers, resulting in approximately $550,000 in customer losses and gross commissions of over $350,000. As a result, PHX and Delaplain violated NASD Rule 3010(a) and FINRA Rules 3110(a) and 2010. For five private-placement offerings that PHX recommended and sold to customers between July 2017 and July 2018, the firm failed to conduct and document reasonable investigations of the offerings and their issuers before recommending those securities to its customers. During the same period, the firm also had no supervisory system or written procedures in place that were reasonably designed to ensure that it and its representatives did not engage in impermissible general solicitation of private-placement offerings. As a result of these supervisory failures related to private placements, PHX violated FINRA Rules 3110(a) and (b) and 2010. Between July 2017 and July 2018, PHX recommended private-placement securities to eleven customers without first inquiring about the investment objectives, risk tolerance, time horizon, or tax status of those eleven customers. As a result, PHX violated FINRA Rules 2111(a), 3110(b), and 2010.
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms. Our consultations are free and we welcome all inquiries.