Serge Parakhnevich, formerly with PHX Financial, Suspended from Securities Industry
Have you lost money with financial advisor Serge Parakhnevich of New York, New York? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Serge Parakhnevich. FINRA suspended Parakhnevich from the securities industry for 45 days and fined $7,500. It was alleged that Parakhnevich exercised discretion on 96 trades in a senior’s account without written authorization while registered with PHX Financial.
Serge Parakhnevich was a financial advisor and registered representative of PHX Financial from April 2015 to August 2020. He worked at a branch office in New York, New York. Parakhnevich has also been the subject of two customer complaints.
Brokerage firms like PHX Financial have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Seattle, Washington; Ann Arbor, Michigan; Denver Colorado; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past.