SEC Charges Barry Calabar with Fraud for Excessive Trading in Customer Accounts – May Recover Investor Losses
SEC Charges Barry Calabar with Fraud for Excessive Trading in Customer Accounts.
Call 800-500-4442 if you think your accounts were excessively traded and have losses.
The Securities and Exchange Commission today filed charges against Baris Cabalar, a registered representative at the broker-dealer PHX Financial, Inc., for recommending a short-term, high-volume investment strategy to customers without a reasonable basis.
According to the SEC’s complaint, from January 2019 to October 2021, Cabalar recommended a strategy to eight of PHX’s retail customers without a reasonable basis to believe that the strategy would be profitable given the costs imposed. As described in the complaint, these customers suffered aggregated losses exceeding $1 million in their PHX brokerage accounts, and Cabalar and PHX together received over $400,000 in commissions and fees from the excessive trading Cabalar recommended.
SEC Charges Barry Calabar with Fraud for Excessive Trading in Customer Accounts.
Goodman & Nekvasil, P.A., is investigating brokers who may have unsuitably recommended Drive Planning, LLC to their clients.
St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors. The firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.
Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.
We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from FINRA on 10/21/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.