Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Serge Parakhnevich, currently employed by PHX Financial, Inc. (PHX), has been subject to at least three customer complaints and one regulatory sanction in his career. According to records kept by the Financial Industry Regulatory Authority (FINRA), Parakhnevich customer complaints allege that Parakhnevich engaged in unsuitable investment practices and excessive trading, among other allegations made by customers. Also, the regulatory sanction claims that Parakhnevich fraudulently traded in the account of a customer without approval.
In August 2020, FINRA made findings in a consent order that Parakhnevich violated the securities laws by executing trades in a customer’s accounts without the customer’s prior written authorization or his member firm’s approval of the account as discretionary. The findings stated that Parakhnevich completed and submitted firm compliance questionaries wherein he falsely answered questions related to whether he handled customer accounts on a discretionary basis. Without admitting or denying the findings, Parakhnevich consented to the sanctions. Parakhnevich was issued a $7,500 fine along with all his registration capacities being suspended for forty-five days.
In April 2020, a customer complained that Parakhnevich violated the securities laws by alleging that Parakhnevich engaged in unsuitable investment practices. The claim alleges $249,281 in damages and is pending.
In August 2015, a customer complained that Parakhnevich violated the securities laws by alleging that Parakhnevich engaged in unauthorized trading, excessive trading, and churning. The claim alleged $100,000 and was denied.