Investors Bring FINRA Arbitration Claims Against PHX Financial For Unsuitable Trading
Solomon David Krispeal (also known as David Krispeal) of Hauppauge New York a stockbroker formerly employed by PHX Financial Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $650,000.00 in damages supported by accusations that options and equity transactions effected in the customer’s account were not suitable for the customer and had caused the customer to incur losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00878 (June 2, 2020).
Krispeal has been identified in seven additional customer initiated investment related disputes containing allegations of his misconduct while he was employed by Pointe Capital, Legend Securities Inc., John Thomas Financial and Newbridge Securities Corp. FINRA Public Disclosure confirms that a customer filed an investment related complaint pertaining to Krispeal’s conduct where the customer sought $22,000.00 in damages based upon accusations of bad stock trades and the improper use of margin during the time that Krispeal was associated with Pointe Capital. The complaint also alleges that transactions lacked the customer’s authorization.
Krispeal is the subject of a customer initiated investment related written complaint which has been settled to resolve allegations that equity trades were unauthorized and that the customer’s documents had been forged. Another customer filed an investment related complaint involving Krispeal’s conduct in which the customer requested $225,000.00 in damages founded upon accusations of churning in the customer’s investment account and bad investment recommendations being made by Krispeal as it pertained to exchange traded funds and over the counter equities. According to the claim, Krispeal’s misrepresentations had been made to the customer in regard to an offering of securities in a private placement.
Krispeal is also referenced in a customer initiated investment related arbitration claim which was settled to resolve allegations that Krispeal made unapproved and excessive trades in the John Thomas Financial customer’s account which led the customer to sustain stock losses. Another customer filed an investment related arbitration claim concerning Krispeal’s conduct where the customer sought $100,000.00 in damages supported by accusations of Krispeal’s churning of both stocks and over the counter equities and his violation of Arkansas Securities Act. FINRA Arbitration No. 16-00176 (Feb. 9, 2016). The claim alleges that a fiduciary duty that was owed to the customer had been breached and that the customer was defrauded. According to the claim, Legend Securities also breached a contract.
FINRA Public Disclosure additionally reveals that Krispeal has been fined and suspended from associating with any FINRA member in any capacity based upon findings that Krispeal failed to report that he was the subject of a customer initiated investment related arbitration claim that contained allegations of his sales practice violations. Letter of Acceptance Waiver and Consent No. 2014042764601 (Jan. 6, 2017). Krispeal concealed information regarding his activities while he was registered with John Thomas Financial. The regulator determined that Krispeal’s conduct was violative of FINRA Rules 2010 and 1122.
Since May 1, 2006, Krispeal has been associated with seven different securities broker dealers, four of which have been expelled by regulators for violation of federal securities laws or are otherwise defunct. His employment with PHX Financial has been terminated as of June 4, 2019.