Halil Kozi - Law Offices of Robert Wayne Pearce

Jul 6, 2020

Former PHX Financial Stockbroker Halil Kozi Suspended for Excessive Trading

In an Offer of Settlement, Halil Kozi, of North Middletown, New Jersey has been suspended for two years by the Financial Industry Regulatory Authority (FINRA) for excessive trading, known as churning, and unsuitable options recommendations and trades. From June 2013 through February 2015, Halil Kozi was associated with PHX Financial, Inc. (PHX). According to FINRA, Mr. Kozi recommended transactions in a customer’s account that were quantitatively unsuitable and excessive and inconsistent with the customer’s risk profile or financial situation. FINRA found that Mr. Kozi recommended risky, speculative equity and options transactions that generated commissions of more than $135,000 while causing the customer to incur losses of $72,000. By recommending quantitatively unsuitable excessive trading for the customer’s account, Mr. Kozi allegedly violated FINRA Rules 2111 and 2010. Without admitting or denying FINRA’s findings, Halil Kozi consented to the sanctions and was suspended from association with any FINRA member for two years. The suspension is in effect from April 6, 2020 through April 5, 2022. No monetary sanctions were issued due to Mr. Kozi’s financial status.

Former PHX Financial Broker Named in FINRA Complaint Alleging Excessive Trading

Halil Kozi, a former registered representative with PHX Financial, Inc., was named a Respondent in a Financial Industry Regulatory Authority (FINRA) complaint for allegedly engaging in excessive trading, known as churning, in his customer’s account, causing his customer to suffer losses of nearly $72,000. FINRA’s complaint alleges that Halil Kozi, of Middletown, New Jersey, allegedly exercised complete control over the trading in his customer’s account. Mr. Halil engaged in trading of equities and options, of which he is alleged to have known his customer lacked experience and knowledge. The complaint alleges that Mr. Halil used high-pressure sales tactics on his customer, and the customer routinely followed his recommendations. FINRA further alleges that the recommendations were unsuitable for his customer in light of the customer’s moderate risk tolerance and balanced growth investment objective.