The Financial Industry Regulatory Authority Inc. has suspended Halil Kozi for two years over a case involving inappropriate options trades and account churning.
Mr. Kozi, who hasn’t worked in the securities industry since 2017, submitted a sworn financial statement and demonstrated an inability to pay, so Finra imposed no monetary sanctions.
In its settlement offer, Finra noted that Mr. Kozi, while a broker at PHX Financial between June 2013 and February 2015, generated more than $135,000 in gross commissions and over $87,000 in commissions for himself through unsuitable options trading for one customer, who incurred a net loss of nearly $72,000.
Mr. Kozi began his securities career in 1987 and worked at 18 firms through 2017. Three of those firms have been expelled by Finra.
In 1998, he was discharged by J.B. Oxford for unauthorized trading in a customer’s account totaling $43,869.
Multi-year NASAA investigation shows the five firms charged customers $19 million across just over a million trades, violating FINRA rules.
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