Articles Tagged with demetrios hallas

AdobeStock_91053286-1-300x194The Securities and Exchange Commission (SEC) recently charged former broker Demetrios Hallas with “knowingly or recklessly trading unsuitable investment products,” in the accounts of five of his clients and allegedly stealing more than $170,000 from one of them. The SEC then alleged that Hallas deposited the funds into his own personal bank accounts and used the money for his own personal expenses. The SEC ordered Hallas to pay $549,987.64 in disgorgement, prejudgment interest and civil penalties. The alleged products include leveraged exchange-traded funds and exchange-traded notes. He allegedly recommended and sold these to clients who were unsophisticated and had modest incomes. A broker has a duty to only recommend and sell those investments that correspond with his clients’ ages, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be held liable for losses on a contingency fee basis.
According to his online, public profile with the Financial Industry Regulatory Authority (FINRA), Hallas was previously registered with Chase Investment Services in New York, New York from June 2011 until March 2012, Aegis Capital Corp in New York from July 2012 until May 2013, Santander Securities in New York from May 2013 until June 2014, Forefront Capital Markets in New York from October 2014 until July 2015 nd PHX Financial Inx in New York from August 2015 until December 2015.

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Did you or someone you know lose money with Demitrios Hallas, a former broker with PHX Financial in New York, New York? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about how you may be able to bring a claim against his former firm in the Financial Industry Regulatory Authority (FINRA) on a contingency fee basis. Mr. Hallas was accused of knowingly or recklessly trading unsuitable investment products in the accounts of five customers and misappropriating more than $170,000 from one of those customers by the Securities and Exchange Commission (SEC) yesterday. According to the complaint, Hallas targeted unsophisticated customers with little to no investing experience and modest incomes, net worth, and low-risk investment strategies. Hallas allegedly traded 179 daily leveraged exchange traded funds (ETFs) and exchange traded notes (ETNs) that were high-risk, illiquid and volatile and not suitable for the clients. He did this in a little over a year’s time and generated commissions and fees for himself of $128,000. Hallas also misappropriated more than $170,000 in funds from one customer and deposited those funds into his personal bank account. He then used the money to pay credit card bills and rent payments. These are all against securities laws.

According to Hallas’ FINRA Broker Check report, he was previously registered with First Union Securities, HSBC Brokerage Inc., McDonald Investments, Chase Investment Services, Sorrento Pacific National, Ameriprise Financial, PNC Investments, Aegis Capital Corp, Santander Securities, ForeFront Capital Markets and PHX Financial Inc. in New York, New York from August 2015 until December 2015. He has two customer disputes against him and is currently not registered within the industry. Our number is 312-332-4200 and attorneys are standing by to take your call regarding losses you may have suffered.

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