Baris Cabalar Subject of SEC Allegations
Baris Cabalar (CRD #: 474932), a broker also known as Barry Cabalar, is the subject of an SEC civil complaint. This disclosure appears on his BrokerCheck record, accessed on October 22, 2024. Investors should know that he is currently registered with PHX Financial. Keep reading if you have questions regarding his alleged conduct.
Civil Complaint
On October 16, 2024, the SEC alleged that Baris Cabalar violated Regulation Best Interest when he recommended short-term, high-volume trading strategies without a reasonable basis. He also allegedly failed to disclose that the fees and commissions associated with this high-volume trading strategy would likely result in losses.
Customers allegedly suffered losses of over $1,000,000 while the alleged scheme generated $400,000 in commissions and fees for Baris Cabalar and PHX Financial.
Regulation Best Interest
Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. This means that brokers should not recommend excessive trading that is likely to result in investor losses. Excessive trading is also known as “churning.”
Investor Allegations
There is an earlier investor allegation of excessive trading on Baris Cabalar’s record.
A dispute dated February 27, 2019, alleged that Baris Cabalar engaged in excessive trading and commission abuse. The dispute was settled for $185,000.
Two other disputes alleged that Baris Cabalar recommended unsuitable investments.
Background Information
Baris Cabalar has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He is a registered broker in 23 states.
Baris Cabalar has registered with five firms:
- PHX Financial (CRD #: 144403)
- Legend Securities (CRD #: 44952)
- Aegis Capital Corp (CRD #: 15007)
- John Thomas Financial (CRD #: 40982)
- Newbridge Securities Corporation (CRD #: 104065)
Kurta Law Can Help
If you worked with Baris Cabalar and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.