There are options for customers of former Aegis Capital Corp. broker Serge Parakhnevich (CRD# 5493064) who suffered investment losses due to excessive trading. He has been registered with PHX Financial Inc. in New York, New York since 2015. Previously, he was registered with Aegis Capital Corp. in Melville, New York from 2013 to 2015.
In August 2020, FINRA sanctioned Serge Parakhnevich to a $7,500 civil and administrative penalty and fine he was suspended for 45 days after he, “consented to the sanctions and to the entry of findings that he executed trades in a customer account without the customer’s prior written authorization or his member firm’s approval of the account as discretionary. The findings stated that the customer was generally aware of the fact that Parakhnevich was exercising discretion in his account. In addition, Parakhnevich completed and submitted firm compliance questionnaires wherein he falsely answered questions related to whether he handled customer accounts on a discretionary basis.”
Serge Parakhnevich Customer Complaints
Serge Parakhnevich has been the subject of three customer complaints between 2015 and 2021, one of which was denied, according to his CRD report:
July 2021. “In early summer of 2015, claimant alleges excessive trading, unauthorized trading, and breach of fiduciary duties took place in his account by his registered representatives at the time.” The customer sought $50,000 in damages and the case was settled for $14,999.
April 2020. “Time frame: unspecified. Claimant alleges unsuitability, breach of contract, breach of fiduciary duty.” The customer is seeking $249,281 in damages. The complaint took place while Parakhnevich was registered with Aegis Capital Corp.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, PHX Financial Inc. and Aegis Capital Corp. may be liable for investment or other losses suffered by his customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.