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New York Broker Ahmad Maklouf Accused of Unsuitable Investment Recommendations

Posted on Monday, February 22nd, 2021 at 7:08 pm    

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Erez Law is currently investigating New York broker Ahmad Maklouf (CRD# 6092943) who faces multiple customer complaints regarding suitability of investment recommendations. Maklouf has been registered with Spartan Capital Securities, LLC in New York, New York since 2017. Previously, Maklouf was registered with Worden Capital Management LLC in New York, New York from 2016 to 2017 and previously with Legend Securities, Inc. in New York, New York from 2014 to 2016. 

Maklouf has been the subject of three customer complaints in 2020, according to his CRD report:

December 2020. “Churning and Qualitative and Quantitative Unsuitability; Alleged Allegations: Breach of Fiduciary Duty; Breach of Contract; Negligent Misrepresentation and Omissions. Activity was between November 2016 through August 2017.” The customer is seeking $414,744 in damages and the case is currently pending. The complaint took place while Maklouf was registered with Worden Capital Management LLC and was regarding equity OTC and common and preferred stocks. 

May 2020. “Allegations of Unsuitability, Over concentration, Excessive Trading.” The customer sought $46,295 in damages and the case was settled for $7,499.99. The complaint took place while Maklouf was registered with Legend Securities, Inc. 

January 2020. “Time Frame: No time frame mentioned/associated with individual claimant in Statement of Claim (SOC). Allegations: Alleging misrepresentation and unsuitable recommendations.” The customer is seeking $241,727 in damages and the case is currently pending. The complaint took place while Maklouf was registered with Spartan Capital. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, the brokerage firms may be liable for investment or other losses suffered by Maklouf’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.