PHX Financial Settles with FINRA Regarding Supervisory Failures
We are currently investigating allegations made against PHX Financial, Inc., a New York, New York-based securities brokerage firm. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against PHX Financial and Robert Delaplain, making allegations that it failed to supervise representatives for excessive trading or churning. FINRA alleged that PHX Financial failed to establish and maintain supervisory procedures to avoid unsuitable excessive trading, from January 2013 to April 2019.
To settle these allegations, PHX Financial agreed to pay $50,000 fine plus $356,711 in restitution to affected customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Phoenix, Arizona; Ann Arbor, Michigan; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past.