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PHX Financial Customers: Investment Loss Recovery Options

December 30, 2022

Investment Losses with Todd Sanders or Other PHX Financial Brokers? KlaymanToskes Has Recovery Options

National investment fraud lawyers KlaymanToskes is investigating Todd Sanders (CRD# 2819147) after the previously registered broker received over $5 million in alleged customer complaints. According to Sander’s Brokercheck Report, he was registered with PHX Financial, Inc. from 2015 to 2019 in Parkland, FL.

Two Customer Complaints Against Todd Sanders:

  1. Customer alleges fraud, churning, unauthorized trading, and excessive commissions. (Pending – alleged damages $4.8 million)
  2. Customer alleges misrepresentation, omission of information, negligence, and breach of contract. (Settled for $125,000)

If you have suffered investment losses due to the management of your accounts by Todd Sanders and/or PHX Financial, contact attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options.

What is Excessive Trading or “Churning”? 

Excessive trading refers to a situation where a registered financial professional makes a large number of trades in a customer’s account not to benefit the customer but to generate further commissions for the representative.

According to FINRA’s September 29, 2020 Podcast, “churning” is a more egregious form of excessive trading in which a registered financial professional not only executes an excessive number of trades, but does so with either an intent to defraud or with reckless disregard of a customer’s interests.

How Can I Protect Myself from Excessive Trading or “Churning”

KlaymanToskes can help you determine whether an investment loss is the result of a financial brokerage firm and/or a financial advisor’s excessive trading or “churning.” Depending on your circumstances, you may be entitled to recover your losses through FINRA arbitration.

  1. Check Your Account Information: Carefully review the information in your account documents. If you notice any inconsistencies between the information you provided your broker with, especially in regards to your income, investment objectives, or risk tolerance, you should contact your broker or brokerage firm as soon as possible.
  2. Review Your Trade Confirmations and Account Statements: You should regularly review your trade confirmations and account statements for any discrepancies. If you notice any trades in your account that you did not approve of, trading activity inconsistent with your investment objectives, or seemingly excessive commission fees, you should contact your broker or brokerage firm immediately.
  3. Exercise Risk Management and Ask Questions: By remaining aware of your account information, trade confirmations, and account statements, you can prevent excessive trading or churning before it occurs. Always ask your broker any questions you may have. If you are not satisfied with your broker’s answers regarding any recommended trades, commission/fee charges on your account, or investment returns, you may want to consider escalating your concerns to a manager or the firm’s compliance department. If you still have concerns about your account and believe unlawful or unethical activity may be taking place, contact KlaymanToskes for a free consultation.

Phoenix Financial/PHX Financial Brokers:

Investors can learn more about their advisor through FINRA BrokerCheck – a free tool provided by the Financial Industry Regulatory Authority that discloses broker’s licensing, employment history, and most importantly, public disclosures. If your broker’s profile has disclosures, KlaymanToskes highly recommends reviewing your accounts for misconduct similar to that alleged in the disclosures.

Below is a list of PHX Financial brokers, along with their CRD numbers and linked FINRA BrokerCheck profiles:

ALAN ORTEGA 2938647 JARRETT COLLINS  7295059 MICHAEL RODRIGUEZ 7060357
ALAN TELLKAMP 4448196 JASON WALSH  5758243 MICHAEL VOMERO 6458893
ALDANE ROOKWOOD 6434735 JESSICA POTEE 6593539 NICHOLAS YIANTSELIS  6953295
ALEX AKSENOFF  6172520 JIM SCALA 2493873 NICK SCARIMBOLO  2698656
ALEX NG 5482211 JIMMY ROSARIO 5950561 PHILLIP MCKIE 6069747
ALEXANDER STERN 2471393 JOHAN BACKLIN 4504080 RICHARD JIRINEC 2580370
ALI MAHLOOJI 4830105 JON PECORELLA 4246210 ROBERT DELAPLAIN 1017107
BARIS CABALAR 4749342 JOSEPH MONTANA 5640919 ROBERT GARAN 6652486
BERNARD JASMIN 4442394 JOSEPH SHABRACK 5027566 ROBERT GILMAN 1738412
BOTA YI 4906219  JOSEPH STEWARD  3241331 ROBERT KASSOFF 6953551
BRANDON LEON  5200595 JULIA IAVARONE 5021961 RONALD CANTALUPO 3137208
BRETT SULLIVAN 7484425 KATHERINE ESTRELLA 6986075 SCHUYLER MINTON  7622197
CARISSA ALEXANDER  7338765 KELLY LAMONT 6266161 SEAN CASE 3090136
CARL CIRELLI 6738582 KEVIN CHEN 4871316 SEAN HOSEIN  4164630
CHRISTIAN INGRAO 5873263 KIRT SAMUEL 4807353 SERGE PARAKHNEVICH 5493064
CLIVE BANARSEE  6098107 KRISTINA HUH  6586238 STEROS CHRISTOFOROU 4407397
DANIEL DIAZ 6871968 LEVI RACHMAN 5530213 STEVE BAPTIST 5885870
DANIEL OTOYA 2208241 LOUIS MORFE  6120020 STEVEN BUSTO 2522780
DAVID TELLKAMP 1305864 MARIA CUMMINGS 3243167  THOMAS CUSTANCE 1910194
DEIRDRE CATANIA 3165476 MARK GIRSHIK 6766997 TROY TORIAN 2841030
DONALD DURANDO 5509340 MARK KETNER 1138522 VINCENT SHARPE 5435813
EDUARDO GERENA 3165444 MASON CARMEAN  7622163  VINCENT VILLANI  4296670
EDWARD IRVIN 4382868 MATTHEW RYER 4655803 VINCENZO URSINO 5670361
EDWARD MOSELEY 833771 MAXIMILIAN YAZDZIK 6991064 VLADIMIRO PANICHI 2740595
EDWARD SORRENTINO  7521059 MICHAEL BECKER 2592410 WAYNE KAUFMAN 2490476
EMMANUEL GODDARD 2027316 MICHAEL CECERE 3250479 ZACHARY ROTHBLUT 7430559
GREGORY OBRIEN 3154314 MICHAEL FEINMAN 1304067 ZACKARY BLOZEN 6702277
HAKIM DONADELLE 2477436 MICHAEL IAVARONE 2377723
IRA ROTHBLUT 7287619 MICHAEL MCCAULEY 6337375

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com