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. Continue Reading