Tag Archives: PHX Financial investigation

Greg O’Brien-Former Aegis Capital Broker-Subject of $500K Customer Suit-Boca Raton, FL

September 2018-Boca Raton, FL

The FINRA records of  Gregory Spencer O’Brien,  a  stockbroker who was formerly employed by Aegis Capital Corp. disclose a pending customer dispute and 2 prior final customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 2/2018 a customer of Aegis Capital filed FINRA arbitration 18-402 alleging that from 101/2013 to the present O’Brien made unsuitable investment recommendations and breached his fiduciary duty in connection with investments in equities, real estate securities and unit investment trusts. The customer seeks damages of $500,000.

O’Brien was employed by Aegis Capital from  11/2013 until 9/2018. He is currently employed by PHX Financial, Inc. O’Brien also discloses a business affiliation with CNA Finders, Holly Springs, N. Carolina.

If you have losses in an account in an account handled by Greg O’Brien , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Marc Reda-Spartan Capital Broker-Discloses Settlement of Numerous Customer Suits

May 2018

According to FINRA records,  Marc A. Reda , a broker who is currently employed by Spartan Capital Securities, discloses 10 prior customer disputes a prior regulatory event, 2 terminations from employment and a currently outstanding judgment/lien.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In June 2017, without admitting or denying the findings, Marc Reda consented to a fine of $5,000 and a three month suspension. FINRA found that he exercised discretion in customer accounts without written authorization from the customers and that he failed to timely disclose on FINRA Form U4 a federal tax lien filed against him in the amount of $575,101.

The prior customer disputes include the following settlements:

  • IN 8/2017 a customer of PHX Financial was paid $45,000 to resolve allegations that Marc Reda charged excessive commissions and mismanaged the customer’s account.
  • FINRA Arbitration 16-1461-a customer of his prior employer PHX FInancial alleged breach of fiduciary duty and unsuitable recommendations, seeking damages of $100,000. That case was settled in 7/2016 for $26,000.
  • In 4/2016 a customer of PHX Financial alleged that Reda traded his account without authority and breach of fiduciary responsibility, seeking damages of over $500,000. That case was settled in 5/2016 for $85,000.
  • In 3/2016 a customer of his prior employer Phoenix Financial Services alleged that beginning in 11/2015 Reda failed to follow the customer’s instructions, made trades without authority and over concentrated investments causing damages of $500,000. That case was settled in 6/2016 for $112,500.
  • In 1/2016 a customer of Phoenix Financial Services alleged that Reda made unauthorized trades in her account causing damages of $400,000. That case was settled in 2/2016 for $120,000.

According to FINRA records, Reda  has been registered with Spartan Capital Securities  since 5/2016. Reda was registered with First Standard Financial from 2/2016-5/2016. Prior to that he was registered with PHX Financial from 10/2014-1/2016 and with Laidlaw & Company from 11/2013-10/2014.

In 1/2016 Marc Reda was “permitted to resign” from PHX Financial for alleged  violations of firm policy.

FINRA records disclose an Internal Revenue Service lien filed in the Supreme Court of Richmond County, New York,  against Reda in the amount of $575,101.

If you have losses in an account handled by Marc A. Reda contact us to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Douglas E. Duncan-Former National Securities Corp. Broker- Discloses Customer Dispute-Westbury, NY

May 2017-Westbury, New York

The FINRA records of  Douglas E. Duncan ,  a  stockbroker who is currently  registered with PHX Financial  and Scottrade, Inc.  disclose a pending customer dispute.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In pending FINRA arbitration 16-0735, a customer of Duncan’s prior employer, National Securities Corp. alleges damages of $500,000 for breach of fiduciary duty, negligent misrepresentation and negligence.

Douglas E. Duncan has been employed by PHX Financial since 5/2017 and Scottrade since 3/2016. His previous employments include Worden Capital Management 6/2015-3/2016, Four Points Capital Partners 4/2015-6/2015 and National Securities Corp. 9/2014-3/2015.

If you have questions about an account  handled by Douglas E. Duncan  , contact us to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Demitrios Hallas-Former PHX Financial Broker-Named in SEC Complaint-

April 2017- New York

The FINRA records of  Demitrios Hallas ,  a  former PHX Financial stockbroker who is currently not registered disclose two final regulatory events, 2 prior customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Hallas was recently named in an SEC Complaint alleging that he purchased and sold daily leveraged Exchange Traded Funds and Notes (ETFs and ETNs) knowingly or recklessly disregarding that the products were unsuitable for his customers. In addition the SEC alleges that Hallas misappropriated over $170,000 from one customer. Link to SEC complaint. 

Hallas was suspended by FINRA in April 2016 for failing to respond to a request for information.

In February 2012 Halllas was discharged by Chase Investment Services Corp. who made the following allegation in connection with the termination: “Job performance, including customer complaints alleging unauthorized trades and failure to disclose fees”

Hallas’ prior employment includes PHX Financial, Forefront Capital Markets, Santander Securities, Aegis Capital Corp., Chase Investment Services and PNC Investments.

If you have losses in an account in an account handled by Demitrios Hallas  , contact us to discuss how you may be able to recover damages for those losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Serge Parakhnevich-PHX Financial Broker-Discloses Pending Customer Dispute

August  2016-New York

The FINRA records of Serge Parakhnevich ,  a  stock broker who is currently employed by PHX Financial, Inc. , disclose a pending customer dispute and an outstanding judgment/lien.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the pending dispute , a customer of his prior employer, Aegis Capital, alleges damages of $100,000  for unauthorized trading, excessive trading and churning for the time period from 10/14/2013-4/10/2014.

Parakhnevich discloses a currently outstanding judgment in the amount of $17,493 in favor of Asset Acceptance LLC, filed in Nassau County Court, NY.

Parakhnevich has been employed by PHX Financial since 4/2015. Prior to that he was employed by Aegis Capital .

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870