Ali Mahlooji: Phoenix Financial Advisor Faces Suitability Complaint

New York City financial advisor Ali Mahlooji (CRD# 4830105) recently received an investor complaint alleging that he made unsuitable investment recommendations. Financial Industry Regulatory Authority records show that he is registered as a broker with Phoenix Financial, having previously been registered with National Securities Corporation.

Mr. Mahlooji’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in August 2024, alleges that as a representative of Phoenix Financial, he recommended unsuitable private equity investments. The pending complaint alleges unspecified damages.

In a statement included with the pending complaint’s disclosure, Mr. Mahlooji defended himself against the allegations. “I deny any wrongdoing, these allegations are frivolous in nature,” he writes. “Subsequent to resolution of this matter I intend to seek full expungement from my record.”

An earlier investor complaint, filed in December 2023, alleges that as a National Securities Corporation representative, he “was negligent with unsuitable recommendations.” The pending complaint alleges damages of $280,765.51.

A third investor complaint, filed in 2021, alleged that as a representative of National Securities Corporation, he recommended an unsuitable investment. In 2022 the complaint reached a settlement of $40,000.

A fourth investor complaint, filed in 2021, also alleged that as a representative of National Securities Corporation, he recommended an unsuitable investment. The complaint reached a settlement of $6,500.

Phoenix Financial’s website includes a page describing the firm’s approach to providing financial advice. “Phoenix Financial Services can help you navigate the markets, whether they’re rising or falling,” it explains. “We may suggest hedging to minimize risk, or we may suggest that you seek to capitalize on the market decline. We are creative and honest, and our qualified staff devotes all of their resources to bring you cutting edge ideas, actionable recommendations, and personalized service.”

According to the Financial Industry Regulatory Authority, Ali Mahlooji holds 18 years of securities industry experience. Based in New York City, he has been registered as a broker with Phoenix Financial since 2019. His past registrations include National Securities Corporation, Newbridge Securities Corporation, Empire Asset Management Company, Brookstone Securities, JP Turner & Company, National Securities Corporation, and Aura Financial Services. He holds 49 state licenses. (Information current as of December 1, 2024.)