Baris Cabalar (also known as Barry Calabar) of Hauppauge New York New York a stockbroker currently employed by PHX Financial Inc. is referenced in a customer initiated investment related written complaint which was settled for $185,000.00 in damages on April 10, 2019 supported by allegations that between November 5, 2018 and February 27, 2019: (1) equities trades were effected in the customer’s account by Cabalar on an excessive basis and (2) the customer had been charged excessive commissions on the trades Cabalar placed during the time that he was associated with PHX Financial.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Cabalar has been identified in two additional customer initiated investment related disputes containing accusations of his misconduct while employed with John Thomas Financial and Legend Securities Inc. Specifically, Cabalar is the subject of a customer initiated investment related arbitration claim which was resolved for $14,500.00 in damages founded on allegations that he: negligently misrepresented information concerning the stock trades placed in the customer’s account; failed to comply with his fiduciary duties; breached his contractual obligations; executed transactions that failed to be suitable; and churned the customer’s account during the period in which he was employed by John Thomas Financial. FINRA Arbitration No. 15-00416 (Dec. 16, 2015).
Also, a customer filed an investment related arbitration claim in regard to Cabalar’s conduct in which the customer requested $100,000.00 in damages based upon accusations that during the time that Cabalar was associated with Legend Securities Inc., the customer’s account was churned; contractual obligations had been violated; stock and over-the-counter equities trades effected in the customer’s account were unsuitable for the customer; fiduciary obligations failed to be complied with; and transactions Cabalar executed ran afoul of Arkansas Securities Act. FINRA Arbitration No. 16-00176 (Mar. 8, 2016).
Since November 8, 2007, Cabalar has been associated with five different securities broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. Cabalar has been registered with PHX Financial since December 18, 2015.
