Former SW Financial And Worden Capital Broker, Yousuf Saljooki, Suspended By FINRA For Nine Months
Yousuf Saljooki (CRD # 5045123) was a Financial Advisor at SW Financial and Worden Capital Management in Melville, NY. Yousuf Saljooki has been in the securities industry since 2006 and previously worked at three brokerage firms that have been expelled by FINRA.
According to publicy available records released by the Financial Industry Regulatory Authority (FINRA), on July 29, 2019, Yousuf Saljooki was sanctioned by FINRA after he “willfully failed to timely disclose an unsatisfied federal tax lien. The findings also stated that Saljooki caused his member firm to maintain inaccurate books and records by recommending and effecting securities transactions for customers in states where he was not licensed to sell securities using the registered representative code of another registered representative who was licensed in those states. The findings also included that during FINRA’s investigation into both the federal tax lien and Saijooki’s use of another registered representative’s code, Saljooki failed to timely respond to requests for documents and information.” Yousuf Saljooki was suspended nine months and fined $20,000. This same alleged misconduct led to Yousuf Saljooki being terminated by Worden Capital Management in April 2018.
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018057626102%20Yousuf%20Saljooki%20CRD%205045123%20AWC%20jm.pdf
In addition to the foregoing, Yousuf Saljooki has seven customer complaints reflected on his BrokerCheck report alleging sales practice violations, including the following:
- April 2018—”Churning, negligence, unsuitability, unauthorized trading, breach of contract.” Alleged damages are $1.05 million and the matter remains pending.
- February 2018—”Churning, Unsuitability, Breach of Fiduciary Duty, Fraud.” The matter was settled for $50,000.
- December 2017—“Unauthorized use of margin.” Alleged damages are $20,000 and the matter remains pending.
- October 2008—”UNSUITABILITY; EXCESSIVE COMMISSION; BREACH OF FIDUCIARY RELATIONSHIP.” The matter was settled for $95,000.
For a copy of Yousuf Saljooki’s BrokerCheck report, click https://brokercheck.finra.org/individual/summary/5045123#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct