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Read MoreInvestor Complaint Against Spartan Capital’s Sean Barakat
New York City financial advisor Sean Barakat (CRD# 5031281), also known as Shadi Barakat, recently received an investor complaint alleging he breached his fiduciary duty to the investor. Financial Industry Regulatory Authority records show he is a broker with Spartan Capital Securities.
Mr. Barakat’s BrokerCheck report discloses several investor complaints. The most recent, filed in June 2022, alleges that as a representative of Spartan Capital Securities, he recommended an unsuitable investment, breached his fiduciary duty, negligently misrepresented material facts, breached his fiduciary duty, and failed in his supervisory duties. The pending complaint alleges unspecified damages.
An earlier complaint, filed in 2015, alleged that as a representative of Aegis Capital, he made unsuitable recommendations, effected unauthorized transactions, was negligent, misrepresented material information, and breached his fiduciary duty in relation to investments in leveraged exchange-traded funds and exchange-traded notes. In 2020 the complaint reached a settlement of $35,000.
A third investor complaint, filed in 2017, alleged that as an Aegis Capital representative, Mr. Barakat made excessive trades and unsuitable investment recommendations. In 2018 the complaint reached a settlement of $150,000.
A fourth investor complaint, filed in 2013, alleged that Mr. Barakat made unsuitable recommendations and engaged in churning. In 2015 the complaint reached a settlement of $360,000.
According to the Financial Industry Regulatory Authority, Sean Barakat holds 16 years of securities industry experience and is also known as Shadi Barakat. Based in New York City, he has been a broker with Spartan Capital Securities since 2017. His past registrations include Aegis Capital, Gunnallen Financial, Joseph Gunnar & Company, Mercer Capital, and VFinance Investments. His credentials include the passage of three securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 6. He is licensed as a broker in California, New York, Ohio, Pennsylvania, and Texas. (Information current as of July 17, 2022.)
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