Demitrios Hallas, formerly with PHX Financial and Santander Securities, Barred by FINRA
Have you lost money with financial advisor Demitrios Hallas of New York, New York? We are continuing our investigation into allegations made by the securities regulators against Hallas. FINRA (the Financial Industry Regulatory Authority) barred Hallas from the securities industry after he failed to adequately respond to an investigation. FINRA was investigating Hallas regarding allegations that a customer complained to his former brokerage firm, Santander Securities, that Hallas recommended an unsuitable investment.
Hallas was previously the subject of an action by the Securities and Exchange Commission (SEC). The SEC alleged that Hallas bought and sold leveraged ETFs (exchange traded funds) and ETNs (exchange traded notes) in his customers’ accounts without having a reasonable basis that such were suitable for his clients. It was also alleged that he misappropriated or stole $170,000 from one of his clients. The SEC seeks to bar Hallas from the securities industry.
Demitrios Hallas was a financial advisor and registered representative of PHX Financial from August 2015 to December 2015. He was also affiliated with Forefront Capital Markets from October 2014 to July 2015 and with Santander Securities from May 2013 to June 2014. He worked at branch offices in New York City. He has been the subject of at least two customer complaints, and he was previously fired by Chase Investment Services in 2012.
Brokerage firms like PHX Financial and Santander Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Hallas, Demitrios BrokerCheck 9.29.17 (1)
Click to view: Hallas, Demitrios SEC Complaint (1)
Click to view: Hallas, Demetrios FINRA Order
If you lost money with Demitrios Hallas, Santander Securities, or PHX Financial, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.