FINRA Bars Ahmad “Ed” Maklouf after Allegations of Misrepresentation and Selling Away
According to public records, on November 19, 2024, The Financial Industry Regulatory Authority (FINRA) has reportedly barred financial advisor Ahmad “Ed” Maklouf (CRD#: 6092943) from working as a broker.
Maklouf reportedly refused to provide information and documents in FINRA’s investigation of “his potential involvement in an outside investment vehicle.” According to FINRA, the findings were discovered during a reported investigation into Maklouf’s outside business activities while he was registered with Spartan Capital.
According to his broker report, Malouf has 5 customer complaints filed against him since 2020. Allegations allegedly include Churning & Unsuitability, Misrepresentation & Omissions of Material Facts, Breach of Fiduciary Duty, Negligent Failure to Supervise, Failure to Properly Execute a Trade, among others.
Selling Away
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.” Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
Regulation Best Interest
Under the “Regulation Best Interest” standard, broker-dealers are required to conduct thorough due diligence when assessing investments. If a financial advisor fails to meet this obligation before making a recommendation, they may be held accountable for any resulting investment losses.
If you experienced financial losses due to an unsuitable investment recommendation, the securities attorneys at The White Law Group may be able to assist. You could potentially recover your losses by filing a FINRA arbitration claim against the brokerage firm responsible for selling the investment.
FINRA BrokerCheck – Ahmad “Ed” Maklouf
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
According to his FINRA broker report, Maklouf was reportedly registered with the following firms during his career.
08/15/2017 – 12/14/2022 SPARTAN CAPITAL SECURITIES, LLC (CRD#:146251) NEW YORK, NY
11/04/2016 – 09/07/2017 WORDEN CAPITAL MANAGEMENT LLC (CRD#:148366) FINRA expelled the firm on 07/25/2022 New York, NY
06/11/2014 – 11/09/2016 LEGEND SECURITIES, INC. (CRD#:44952) FINRA expelled the firm on 04/17/2017 NEW YORK, NY
Free Consultation with National Securities Attorneys
If you have suffered investment losses with Ahmad “Ed” Maklouf, the securities fraud attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national law firm specializing in securities fraud, securities arbitration, investor protection, and securities regulation and compliance. With offices in Chicago, IL and Seattle, WA, the firm is dedicated to assisting investors across all 50 states with claims against their brokerage firms. Since its founding in 2010, The White Law Group has handled over 800 FINRA arbitration cases.
The firm represents clients in a wide range of securities-related claims, including stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among others.
With more than 35 years of experience in securities law, The White Law Group has the knowledge and expertise to help investors recover losses resulting from securities fraud.
Last modified: November 21, 2024
