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Warning to Investors: Former PHX Financial, Inc. Broker Solomon Krispeal Investment Losses

Posted on Monday, August 9th, 2021 at 6:06 pm    

Phx Financial

Were you the victim of former PHX Financial, Inc. broker Solomon Krispeal (CRD# 2735776)? Krispeal has been registered with PHX Financial, Inc. in Hauppauge, New York from 2016 to 2019 and previously with Legend Securities, Inc. in Jerricho, New York from 2013 to 2016.

In February 2017, Krispeal was suspended for 30 days and sanctioned to pay $2,500 in a civil and administrative penalty and fine after he, “consented to the sanctions and to the entry of findings that he failed to timely and accurately amend his Form U4 to disclose that he was named as a respondent in a securities arbitration that alleged sales practice violations against him.”

Krispeal has been the subject of eight customer complaints between 2007 and 2021, three of which were withdrawn and one was denied, according to his CRD report. The most recent complaints are regarding: 

February 2021. “Krispeal was named in a customer complaint that asserted the following causes of action: Suitability, churning, unauthorized trading, fraud, misrepresentation, violation of Securities Law, breach of fiduciary duty, breach of contract, failure to supervise, unjust enrichment, Lost Opportunity Damages and Punitive Damages.” The customer is seeking $49,982.62 in damages and the case is currently pending. The complaint was regarding unspecific securities and took place while Krispeal was registered with Legend Securities, Inc.

June 2020. “Unsuitable investments.” The customer is seeking $650,000 in damages and the case is currently pending. The case was regarding equity OTC, common and preferred stocks, and options and took place while Krispeal was registered with PHX Financial, Inc.

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. may be liable for investment or other losses suffered by Krispeal’s 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.