Serge Parakhnevich Reports Sanctions And Investor Disputes

FINRA Suspends Securities Broker Serge Parakhnevich, And Investors Dispute His Sales Practices

FINRA BrokerCheck shows that FINRA sanctioned securities broker Serge Parakhnevich (“Serge Parker”) (CRD#: 5493064, New York, New York) for trading without authorization. Moreover, Parakhnevich is facing investor disputes which allege excessive and unsuitable trading. Let’s take a look at these disputes, including what you could do if you experienced losses.

FINRA Issues Suspension, Fine To Serge Parakhnevich For Allegedly Making Discretionary Trades

Evidently, FINRA issued Serge Parakhnevich a suspension between August 17, 2020, and September 30, 2020, to resolve allegations of his discretionary trading at PHX Financial. Specifically, Parakhnevich traded in a client account without getting confirmation at the time of trades. Instead, he acted on discretion with 96 trades, which was not permissible because he did not get written authorization. In fact, PHX Financial prohibited representatives from exercising discretion without the firm and client’s permission.
It appears that in November 2018 and February 2019, Serge Parakhnevich submitted a standard compliance questionnaire for the firm. Parakhnevich reportedly said that he did not handle client accounts on a discretionary basis. The regulator said that the broker made a false statement given his active discretionary trading in a client’s account.

PHX Financial Client Alleges Breach Of Fiduciary Duty, Excessive Trading By Serge Parakhnevich

Evidently, a client of PHX Financial filed a FINRA Arbitration Claim about Serge Parakhnevich in July 2021. First, the client alleges Parakhnevich made excessive trades. Secondly, the broker supposedly failed to get the client’s authorization for trades. Thirdly, the client alleged that Parakhnevich acted in breach of fiduciary duty. Because of this, PHX Financial opted to pay the client $14,999 in September 2021 to settle.

Client Of Aegis Capital Corp Alleges Breach Of Contract

It appears that a client of Aegis Capital Corp disputed Serge Parakhnevich’s sales practices. In the January 2020 FINRA Arbitration Claim, the client alleged breach of contract and breach of fiduciary duty by Parakhnevich. Supposedly, the broker sold unsuitable investments, resulting in damages. Because of this, the client asked for $249,281 in compensation to resolve this ongoing matter.

Aegis Client Alleges Unauthorized Trading, Churning By Serge Parakhnevich

Moreover, a second client of Aegis Capital Corp disputed Serge Parakhnevich’s sales of over-the-counter equities and REITs. Specifically, the client claims that Parakhnevich engaged in unauthorized trading and excessive trading. Moreover, the broker’s purported churning of the client’s account resulted in $100,000 in damages. However, Aegis Capital Corp denied this dispute.

Losses Through Parakhnevich?

Did you suffer losses because of securities broker Serge Parakhnevich? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Parakhnevich denies all allegations of his sales practice violations.