SEC v. Baris Cabalar

Baris Cabalar allegedly recommended a short-term, high-volume investment strategy to customers without a reasonable basis. According to the SEC, from January 2019 to October 2021, Cabalar recommended a strategy to eight of PHX’s retail customers without a reasonable basis to believe that the strategy would be profitable. The SEC alleges these customers suffered aggregated losses exceeding $1 million in their PHX brokerage accounts, and Cabalar and PHX together received over $400,000 in commissions and fees from the excessive trading Cabalar recommended.

Summary generated from official Securities and Exchange Commission press release