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:
- Customer alleges fraud, churning, unauthorized trading, and excessive commissions. (Pending – alleged damages $4.8 million)
- 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.
- 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.
- 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.
- 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:
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
