- August 11, 2019
- Worden Capital Management
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.
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