Muhammed Wahdy: FINRA Fines, Suspends Ex-Merrill Advisor

Former San Francisco financial advisor Muhammed Wahdy (CRD# 6266210) was recently sanctioned and suspended in connection with alleged rule violations. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Merrill Lynch broker is currently registered as an investment advisor with Wahdy Capital.

A Letter of Acceptance, Waiver, and Consent (No. 2023078977001) describes FINRA’s disciplinary action against Mr. Wahdy. Filed in April 2025, it alleges that he improperly engaged in an outside business activity while registered with Wells Fargo, Ameriprise Financial Services, and Merrill Lynch. The alleged activity involved acting as the owner, CEO, and CCO of an investment advisory firm, in the course of which he “provided investment advice to between 15 and 30 investors, none of whom were his brokerage customers.” During this period, FINRA found, he received a total of about $148,000 in fees from the firm. He also allegedly inaccurately stated on firm compliance questionnaires that he “had no OBAs to disclose.”

In addition to the above-described findings, the AWC Letter alleges that he engaged in an undisclosed and unapproved private securities transaction when soliciting $250,000 from an investor “for limited partnership interests in a pooled investment fund.” According to FINRA, he was the LP’s sole owner and operator, and the sole manager of the fund. “At the time of the pooled investment fund’s formation,” FINRA found, he “expected to receive compensation in the form of portfolio management fees.” He also inaccurately stated on a firm compliance questionnaire that he had not been involved in such a transaction. As a result of these findings, FINRA issued him a fine of $10,000 and suspended him for a period of 15 months.

Mr. Wahdy’s BrokerCheck report discloses his termination from Merrill Lynch. Filed in 2023, it states that the firm fired him in connection with allegations of “[c]onduct involving failure to disclose an outside business activity.”

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Muhammed Wahdy holds ten years of securities industry experience. Based in San Francisco, he has been registered as an investment advisor with Wahdy Capital since 2023. His past registrations include Merrill Lynch, Casey Securities, Wells Fargo, Ameriprise Financial, AmeriVest Investment Management, TD Ameritrade, and Wahdy Altahan. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7TO; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed as an advisor in California. (Information current as of April 12, 2025.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.