Ed Maklouf: 6-Figure Investor Complaints Against NYC Advisor

A pending investor complaint against Spartan Capital Securities representative Ed Maklouf (CRD# 6092943) alleges he engaged in unauthorized trading. Financial Industry Regulatory Authority records show that the New York City-based broker has received an earlier complaint alleging six-figure damages, as well as several complaints that reached settlements.

Mr. Maklouf’s BrokerCheck report discloses two pending investor complaints. The most recent, filed in 2021, alleges that as a representative of Spartan Capital, he made unauthorized trades, failed to supervise, breached his fiduciary duty, made unsuitable investment recommendations, and churned investments. The pending complaint alleges damages of $350,343.10, with Mr. Maklouf noting in a comment on the disclosure that he “vehemently denies all claims set forth.”

An earlier complaint, filed in 2020, alleges that he breached contract, misrepresented material facts, and omitted material facts while a Spartan Capital rep, alleging damages of $414,744. A comment on the disclosure states that the customer’s account “moved from Rep to Rep,” and while he serviced it, “there was no wrong doing.”

A complaint filed in April 2021 alleged that as a representative of Worden Capital Management, Mr. Maklouf made unsuitable investment recommendations, churned investments, and breached his fiduciary duty. The complaint reached a settlement of $5,000, with Mr. Maklouf stating in a comment on the disclosure that he “vehemently denies all claims set forth.”

A complaint filed in 2020 alleged that while a representative of Legend Securities, he made unsuitable investment recommendations, engaged in excessive trades, and over-concentrated investments. The complaint reached a settlement of $7,499.99, with Mr. Maklouf stating in a comment on the disclosure that he “vehemently denies” the allegations.

According to the Financial Industry Regulatory Authority, Ed Maklouf holds seven years of securities industry experience. Based in New York City, he has been a representative of Spartan Capital Securities since 2017. His past registrations include Worden Capital Management (New York City; 2016-2017) and Legend Securities (New York City; 2014-2016). His credentials include the passage of three securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He holds 51 state licenses. (Information current as of May 19, 2022.)

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