The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Halil Kozi. According to his publicly available FINRA BrokerCheck report, Halil Kozi has been the subject of a FINRA sanction.
Halil Kozi operated most recently as a New York based securities broker. He worked in the securities industry for twenty-four years. During his career, he was registered with eighteen different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Norstar Brokerage Corporation (1987-1988)
- Lehman Brothers (1989-1992)
- Whale Securities Co. (1992-1993)
- Robert Todd Financial (1993-1994)
- T.R. Winston & Company (1994-1995)
- Smith, Benton & Hughes, Inc. (1996)
- H.J. Meyers & Co. (1995-1996)
- Kensington Securities (1996)
- First American Equities (1996)
- The Boston Group (1996-1997)
- J.B. Oxford & Company (1997-1998)
- SG Cowen Securities Corporation (2000)
- UBS Painewebber (2001-2003)
- Meyers Associates (2003-2011)
- Newbridge Securities Corporation (2011)
- PHX Financial (2013-2016)
- Buckman, Buckman & Reid (2016-2017)
- Windsor Street Capital (2017)
The Allegations
Halil Kozi was officially sanctioned by FINRA in September 2019. The findings in this matter state that Kozi spent a year and a half aggressively churning the account of one of his customers. Churning occurs when a securities broker excessively trades the account of their customer in order to generate more commissions for themself. Halil Kozi’s alleged churning of this customer’s account generated $87,000 of commissions for himself. However, it also resulted in almost $72,000 in losses to the customer in unnecessary fees and trading losses that are quite common for victims of churning.
The trading strategy that Halil Kozi instituted was not only unsuitable based on the frequency in which Kozi was executing trades, but also the trades that Kozi was recommending. This particular strategy involved purchasing highly speculative options. These are risky securities that involve two parties betting against each other regarding the potential success or failure of a particular equity. Options trading is only suitable for experienced and sophisticated investors due to how complex and inherently risky it is. According to FINRA, Halil Kozi lacked a reasonable basis to believe that this type of options trading would be suitable for this particular investor based on their investment objectives, risk tolerance, and financial situation.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Halil Kozi, please contact Oakes & Fosher for a free and private consultation.
