PHX Financial Sued By Investors For Options Fraud

Donald Angelo Durando of Hauppauge New York a stockbroker currently associated with PHX Financial Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $650,000.00 in damages supported by allegations that the customer had been defrauded in connection with the sale of options and over-the-counter equities by Durando during the period in which the stockbroker was associated with PHX Financial. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00878 (Mar. 26, 2020).

This is not the first time that Durando has been accused of a sales practice violation that resulted in losses to a customer. FINRA Public Disclosure reveals that Durando was the subject of a customer initiated investment related arbitration claim which was resolved for $7,500.00 in damages based upon accusations of bad investment advice being provided by Durando relating to over-the-counter equities transactions that were effected in the account of a John Thomas Financial customer.

Durando has been registered with PHX Financial since August 28, 2014.